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Over the past 10 years, interest rates in New Zealand, particularly rural floating rates, have taken farmers on a wild ride.
We’ve pulled out the data from RBNZ to show the 90-day bill since 2015. However, instead of just showing that underlying rate on its own, we’ve added a customer margin to reflect the total rate payable for an “above average credit quality customer in a competitive situation”. This data set includes margin changes (reductions) during that time. similar to what we observe with our own customers over that period.