Hopes we'll be in a position to see an Official Cash Rate increase next year

The OCR remains unchanged -- at 0.25 per cent.

The Reserve Bank says prolonged monetary stimulus is needed, with the economic outlook looking highly uncertain due to Covid-19.

Kiwibank's chief economist Jarrod Kerr says they expect a rate hike from the central bank at the end of 2022.

He says there's still a lot of risk and the bank wants to put their foot on the accelerator for another year, to make sure the economy's performing well.