On June 12, the Reserve Bank of New Zealand (RBNZ) lifted the official cash rate (OCR) – to 3.25 per cent, its highest level since January 2009 – for the third consecutive monetary policy meeting. The reserve bank suggests downside data surprises are balanced out by those to the upside, leading some analysts to deviate only marginally, and others not at all, from their previous expectations of a continued tightening cycle.