RBNZ Governor Orr's press conference following the rate hike earlier. Orr: • Latest data is satisfactory. • Its been a long battle. • Today was the first time the monetary policy committee went to a vote over the decision. • Outlook for fiscal spending is contractionary on demand. • Expects to keep a restrictive monetary policy for some time. • Forecast is that the surge in immigration will ease off. • No longer about labour shortage, its now about demand shortage. RBNZ chief economist Conway: • Labour market is becoming less pressured. (full story)