New Zealand delivers back-to-back rate hikes

The Reserve Bank of New Zealand raised its key interest rate for a second straight meeting, aiming to shift to less stimulatory settings in an effort to curb inflation.

The official cash rate was hiked to 2.75%, with the central bank signalling further moves may be needed.

The decision will impact mortgage holders, with the timing of rate rises flowing through to borrowers depending on their loan structures.

House prices could also be affected.