A day after the Reserve Bank of Australia snapped a run of four consecutive 50 basis point hikes to lift by 25bps, the RBNZ opted to maintain the rage in its own fight with inflation.

The summary record from Wednesday's monetary policy committee meeting suggested the RBNZ flirted with an unprecedented triple-rise of 75bps.

"The committee considered whether to increase the OCR by 50 or 75 basis points," the bank's governor Adrian Orr said.

"Some members highlighted that a larger increase in the OCR now would reduce the likelihood of a higher peak ... other members emphasised the degree of policy tightening delivered to date.

"On balance, the committee agreed that a 50 basis point increase was appropriate at this meeting."

It is the eighth consecutive rise dating back to last October, and the fifth consecutive hike of 50 bps as the RBNZ looks to tame headline inflation of 7.3 per cent.

That figure, measuring consumers price index inflation, was last measured in July with new figures due in two weeks.

NZ's unemployment rate - which, with inflation, forms the RBNZ's dual mandate - sits near record lows at 3.3 per cent.

Wednesday's decision was in line with market and industry expectations, with all major Kiwi banks believing the OCR will top four per cent in early 2023.

ANZ New Zealand believes the OCR will hit 4.75 per cent in mid-2022, Westpac NZ's forecast is for 4.5 per cent, and ASB has tipped a peak at 4.25 per cent.

In making Wednesday's decision, Mr Orr pointed to a number of global factors, including heightened consumer price pressures, demand for goods and services outstripping supply, and food and energy prices "being particularly exacerbated by the war in Ukraine".

"A recent decline in oil prices and an easing in some supply-chain constraints have seen headline inflation measures fall in some countries. However, core measures of inflation have risen and persist," he said.

"In New Zealand, the level of domestic spending has remained resilient to date, in the face of slowing global growth and higher domestic interest rates.

"Employment levels are high, and household balance sheets remain resilient despite the fall in house prices.

"New Zealand's productive capacity is still being constrained by labour shortages and wage pressures are heightened."

The NZ dollar rose on the announcement - up one Australian cent (to 89 cents) and half a US cent (to almost 58 cents) - while the NZX 50 was steady.

Australian Associated Press