The Reserve Bank Governor says the conflict in Iran has materially altered New Zealand's outlook, even if yesterday's ceasefire deal leads to a de-escalation. 

The central bank's kept the Official Cash Rate on hold at 2.25%. 

It's forecasting inflation will hit 4.2% this quarter and says it's prepared to hike the cash rate if inflation becomes embedded. 

Governor Anna Breman told Mike Hosking even after the Strait of Hormuz reopens, economic disruptions will linger for some time. 

She says we're facing a severe supply chain disruption, affecting not just oil, but also the shipping of other goods. 

LISTEN ABOVE 

The Reserve Bank Governor says the conflict in Iran has materially altered New Zealand's outlook, even if yesterday's ceasefire deal leads to a de-escalation.&nbsp;
The central bank's kept the Official Cash Rate on hold at 2.25%.&nbsp;
It's forecasting inflation will hit 4.2% this quarter and says it's prepared to hike the cash rate if inflation becomes embedded.&nbsp;
Governor Anna Breman told Mike Hosking even after the Strait of Hormuz reopens, economic disruptions will linger for some time.&nbsp;
She says we're facing a severe supply chain disruption, affecting not just oil, but also the shipping of other goods.&nbsp;
LISTEN ABOVE&nbsp;

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Anna Breman: Reserve Bank Governor on the decision to hold the Official Cash Rate at 2.25%

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/a2bcc84f-8785-4cec-b090-b426015040ff/transcript

Do you think we will learn some lessons or change our mind now that the war is essentially over? 

Do we need to be more oil independent or, overall, is the way we do it for good reason i.e. it's cheaper to buy refined product. 

Do we need to seek out new markets for products that have previously been brought blindly through the Strait, like plastics and gases? 

In Canada the left-leaners are in a lather. The NDP (New Democrat Party) have a new leader and he's very green and very pro-climate change. He's in trouble because his party leaders in places like Alberta and Saskatchewan are riding the oil wave. Alberta's deficit is being wiped out as oil money rolls in, in a way they never forecast. 

So you can be a leftie but still understand the economic reality, if not necessity, of fossil fuels. You may not like them, but they work, they are needed and they pay the bills. 

Here, surely, if we have learned nothing else it's just how dependant we still are on stuff we allegedly hate, can't get rid of fast enough and thought we were living without. 

Power is renewable, broadly, and that is good. But it was very quickly determined cars are no such thing and, more importantly, nothing that carried anything was an EV. 

Trucks and cranes and diggers and industry generally is a fossil fuel game and it's not changing. Would we not be better to accept that and get on with it rather than wrestling, clearly hopelessly, with an ideology that, when push came to shove, got found out badly. 

The quote of the week came from Plastics NZ when they said "plastics are in everything. 

Whoops. I thought getting rid of the straws and supermarket bags was it? There's a small problem though with the downpipes, or pipes in general, not just through the Strait. Are we making pipes out of paper too? Where are those renewable pipes? 

So how about we accept that as well? Plastic is real and it isn't going anywhere. 

Covid sort of gave us a taste when the place closed down, but the war has been a better wake-up call. 

Our actions don’t match our words. The conversation has been hijacked by zealots. We are doing our bit for climate, which is good, but we are not getting rid of plastic, and we are not moving on from oil. We are not giving up the stuff that makes the world go around and life actually work. 

In these past five and a bit weeks reality has had its mic drop moment. 

Do you think we will learn some lessons or change our mind now that the war is essentially over?&nbsp;
Do we need to be more oil independent or, overall, is the way we do it for good reason i.e. it's cheaper to buy refined product.&nbsp;
Do we need to seek out new markets for products that have previously been brought blindly through the Strait, like plastics and gases?&nbsp;
In Canada the left-leaners are in a lather. The NDP (New Democrat Party) have a new leader and he's very green and very pro-climate change. He's in trouble because his party leaders in places like Alberta and Saskatchewan are riding the oil wave. Alberta's deficit is being wiped out as oil money rolls in, in a way they never forecast.&nbsp;
So you can be a leftie but still understand the economic reality, if not necessity, of fossil fuels. You may not like them, but they work, they are needed and they pay the bills.&nbsp;
Here, surely, if we have learned nothing else it's just how dependant we still are on stuff we allegedly hate, can't get rid of fast enough and thought we were living without.&nbsp;
Power is renewable, broadly, and that is good. But it was very quickly determined cars are no such thing and, more importantly, nothing that carried anything was an EV.&nbsp;
Trucks and cranes and diggers and industry generally is a fossil fuel game and it's not changing. Would we not be better to accept that and get on with it rather than wrestling, clearly hopelessly, with an ideology that, when push came to shove, got found out badly.&nbsp;
The quote of the week came from Plastics NZ when they said "plastics are in everything.&nbsp;
Whoops. I thought getting rid of the straws and supermarket bags was it? There's a small problem though with the downpipes, or pipes in general, not just through the Strait. Are we making pipes out of paper too? Where are those renewable pipes?&nbsp;
So how about we accept that as well? Plastic is real and it isn't going anywhere.&nbsp;
Covid sort of gave us a taste when the place closed down, but the war has been a better wake-up call.&nbsp;
Our actions don’t match our words. The conversation has been hijacked by zealots. We are doing our bit for climate, which is good, but we are not getting rid of plastic, and we are not moving on from oil. We are not giving up the stuff that makes the world go around and life actually work.&nbsp;
In these past five and a bit weeks reality has had its mic drop moment.&nbsp;

Mike's Minute: There are lessons for us to learn from this war

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/f1f67ec0-a5bb-4669-ae7d-b42601650d42/transcript

UK Prime Minister Keir Starmer's travelling to the Persian Gulf to help shore-up the US and Iran ceasefire. 

Both sides have accepted Pakistan's proposal to pause fighting two weeks, which looks shaky after Israel bombed Lebanon overnight.   

Global oil prices have since plunged below US$100 a barrel. 

UK Correspondent Rod Liddle told Mike Hosking Starmer’s looking to replace Donald Trump as an ally Middle East countries can have some conviction in.  

He says the UK Prime Minister has improved his standing both within his own country, and likely in the Middle East as well by being very wary of Trump’s ambitions.  

LISTEN ABOVE 

UK Prime Minister Keir Starmer's travelling to the Persian Gulf to help shore-up the US and Iran ceasefire.&nbsp;
Both sides have accepted Pakistan's proposal to pause fighting two weeks, which looks shaky after Israel bombed Lebanon overnight. &nbsp;&nbsp;
Global oil prices have since plunged below US$100 a barrel.&nbsp;
UK Correspondent Rod Liddle told Mike Hosking Starmer’s looking to replace Donald Trump as an ally Middle East countries can have some conviction in. &nbsp;
He says the UK Prime Minister has improved his standing both within his own country, and likely in the Middle East as well by being very wary of Trump’s ambitions. &nbsp;
LISTEN ABOVE&nbsp;

Rod Liddle: UK Correspondent on Prime Minister Keir Starmer travelling to the Persian Gulf to shore up US-Iran ceasefire efforts

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/fa8a2841-53ce-4b17-9bde-b42601635b29/transcript

On the Mike Hosking Breakfast Full Show Podcast for Thursday 9th of April, Iran and the US have agreed to a ceasefire that looks increasingly tenuous – what will happen in the next two weeks? 

Reserve Bank Governor Anna Breman and Finance Minister Nicola Willis discuss the OCR remaining at 2.25% and the economic impact of the ceasefire for New Zealand.  

Kiwi Supercars driver Matt Payne speaks ahead Taupō this weekend and the first ever South Island race next weekend. 

Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. 

LISTEN ABOVE 

On the Mike Hosking Breakfast Full Show Podcast for Thursday 9th of April, <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/matthew-schmidt-new-haven-university-national-security-expert-on-the-ceasefire-agreement-between-the-us-and-iran/">Iran and the US have agreed to a ceasefire</a> that looks increasingly tenuous – what will happen in the next two weeks?&nbsp;
<a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/anna-breman-reserve-bank-governor-on-the-decision-to-hold-the-official-cash-rate-at-225/">Reserve Bank Governor Anna Breman</a> and <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/nicola-willis-finance-minister-on-the-ocr-inflation-ongoing-impacts-of-the-conflict-in-the-middle-east/">Finance Minister Nicola Willis</a> discuss the OCR remaining at 2.25% and the economic impact of the ceasefire for New Zealand. &nbsp;
<a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/matt-payne-kiwi-supercars-driver-on-the-double-header-in-taup%C5%8D-and-christchurch/">Kiwi Supercars driver Matt Payne</a> speaks ahead Taupō this weekend and the first ever South Island race next weekend.&nbsp;
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.&nbsp;
LISTEN ABOVE&nbsp;

Full Show Podcast: 09 April 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2ee3d5b5-5a8e-4bde-91c8-b426015d08e9/transcript

Anna Breman: Reserve Bank Governor on the decision to hold the Official Cash Rate at 2.25%

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