New Zealand's Reserve Bank (RBNZ) on Tuesday announced a raise in the official cash rate (OCR) by 75 basis points to 4.25%, as it steps up to fight inflation. According to Adrian Orr, the Reserve Bank's Gov., the rate remains "well above the 1 to 3% target range."
Soraya Peke-Mason from New Zealand's Labour Party was sworn into Parliament on Tuesday, forming a female majority in the legislative body for the first time in the nation's history.
On Tuesday, New Zealand's government proposed taxing greenhouse gases that farm animals make from bodily functions, including belching, in what would be a world first in tackling climate change.
In its eighth rate increase in 12 months, New Zealand’s central bank raised interest rates by 0.5% to a 7-year high benchmark rate of 3.5% on Wednesday.
New Zealand's PM, Jacinda Ardern, has said she believes her nation will become a republic "in her lifetime," however, her government doesn't intend to pursue the constitutional reform needed to remove the new King as head of state.