The Reserve Bank has today hiked the official cash rate by 0.25 per cent to 0.75 per cent.

Last month the official cash rate was lifted from a record low 0.25 per cent.

That 25-basis-point hike was the first for the RBNZ in seven years.

The Monetary Policy Committee noted that "further removal of monetary policy stimulus is expected over time given the medium term outlook for inflation and employment".