Reserve Bank vs Reserve Bank on interest rates

Justin Fabo from Antipodean Macro published the following chart comparing the official cash rates of the Reserve Bank of Australia (RBA) against the Reserve Bank of New Zealand (RBNZ).

Fabo stated on Twitter (X) that “the RBNZ often goes harder in both directions on rates”, in reference to its recent higher peak and lower trough in the cash rate.

New Zealand’s official cash rate peaked at 5.50%, whereas Australia’s peaked at 4.35%.