Government bond yield · New Zealand
New Zealand 6-Month Bill Auction
The New Zealand 6-Month Bill Auction is the yield on New Zealand's government debt of that maturity: the annual return an investor earns by buying the bond or bill at today's price and holding it to maturity.
- Importance
- Low
- Released
- Weekly
- Next release
- Currency
- NZD · New Zealand dollar
- Central bank
- The Reserve Bank of New Zealand
Latest figures
The latest release, published on 27 October 2026, came in at 3.3615%, up from 3.2834% the time before.
Over the last 12 releases it ranged from 3.0285% to 3.3615%, averaging 3.1484%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 27 Oct 2026 | – | 3.3615% | – | 3.2834% |
| 20 Oct 2026 | – | 3.2834% | – | 3.2105% |
| 13 Oct 2026 | – | 3.2105% | – | 3.2022% |
| 6 Oct 2026 | – | 3.2022% | – | 3.1905% |
| 29 Sep 2026 | – | 3.1905% | – | 3.14% |
| 22 Sep 2026 | – | 3.14% | – | 3.1612% |
| 15 Sep 2026 | – | 3.1612% | – | 3.0675% |
| 8 Sep 2026 | – | 3.0675% | – | 3.0755% |
| 1 Sep 2026 | – | 3.0755% | – | 3.0295% |
| 25 Aug 2026 | – | 3.0295% | – | 3.0311% |
| 18 Aug 2026 | – | 3.0311% | – | 3.0285% |
| 11 Aug 2026 | – | 3.0285% | – | 2.99% |
Why it matters
Government yields are the base of every other interest rate. Short maturities follow the Reserve Bank of New Zealand's policy rate closely; long ones reflect expected growth, inflation and the risk of holding long debt. Higher yields relative to other countries attract capital and support the New Zealand dollar; the gap between long and short yields (the yield curve) is a classic recession signal when it turns negative.
How it is calculated
The yield is the interest rate that makes the present value of the bond's coupons and repayment equal to its price; on a calendar it often reports the average yield at a government auction.
Price = Σ coupon ÷ (1 + y)ᵗ + face ÷ (1 + y)ᵀ
Inflation-linked (TIPS) yield ≈ nominal yield − expected inflationWhat changes mean
- Yields rise when prices of bonds fall: strong data and hawkish central banks push yields up.
- An inverted curve (2-year above 10-year) has preceded most US recessions, with a lag of a year or more.
- Inflation-linked yields show the real (after-inflation) return.
A short history
Government bond markets go back to the Dutch and English debt of the 17th century; the US Treasury yield curve has been watched as a recession signal since research by Campbell Harvey in the 1980s.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Questions
What is the New Zealand 6-Month Bill Auction?
The New Zealand 6-Month Bill Auction is the yield on New Zealand's government debt of that maturity: the annual return an investor earns by buying the bond or bill at today's price and holding it to maturity.
What was the latest New Zealand 6-Month Bill Auction?
3.3615%, published on 27 October 2026.
When is the next New Zealand 6-Month Bill Auction?
On Tuesday 3 November 2026 at 01:35 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.