The Reserve Bank has held its cash rate steady at a record low 1.75 percent, and pointed to only a gradual rise in interest rates.
No change had been expected and the bank's governor, Graeme Wheeler, said inflation had picked up but underlying price pressures were still subdued.
He said the economy was performing well and would be driven by immigration, domestic demand, and construction, while a weaker New Zealand dollar was helping exporters.
But Mr Wheeler said there were still uncertainties about the housing market and the international economy, which justified keeping interest rates on hold until 2019.
Despite the bank's neutral tone, economists expected it would be forced to start raising rates from the middle of next year.