Salient points from the rate statement included: The Committee agreed that it remains appropriate to continue reducing monetary policy so as to maintain price stability and support maximum sustainable employment. Central banks globally face the challenge of distinguishing transitory price increases and underlying sustained inflation pressures to assess the need for, and timing of, reductions in the level of monetary policy stimulus. The RBNZ expects household spending and business investment to be dampened near-term as a result of a likely rise in COVID-19 cases stemming from the easing of restrictions.