The Reserve Bank of New Zealand has kept the official cash rate at its record low of 1.75 per cent.

Governor Graeme Wheeler left the rate unchanged on Thursday morning - a move that was widely anticipated after the bank earlier flagged an increase wouldn't be on the cards until mid-2019.

The bank said while economic indicators had been strong over the past two months, there was still "on-going surplus capacity in the global economy and extensive geo-political uncertainty".

"Quarterly GDP was weaker than expected in the December quarter, but some of this is considered to be due to temporary factors," Mr Wheeler said.

The growth outlook remained positive, supported by strong population growth, high levels of household spending and construction activity. However, dairy prices had been volatile in recent auctions and uncertainty remained, he said.

Recent falls in the New Zealand dollar were encouraging, but further depreciation was still needed.

It was not clear whether a slowing in the growth of the house market - partly reflecting loan-to-value ratio restrictions and tighter lending conditions - would continue, Mr Wheeler said.

"Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly," he said.

The rate was cut by 25 basis points to 1.75 per in November.