The Reserve Bank is talking up its stimulatory approach to help lift inflation back to target.

Assistant Governor Dr John McDermott has made a speech to business leaders in Hamilton.

He says the near-zero inflation New Zealand's currently seeing is being fuelled by the slow global economic recovery, the high exchange rate and recent sharp falls in oil prices.

He says there's little monetary policy can do to influence that in the near term, so the bank's approach is to support ongoing sustainable growth.

Dr McDermott says the bank isn't currently considering any increase in interest rates.

He says current growth's being underpinned by high net immigration, strong employment and construction activity, and robust household spending.