The NZ banks we track put NZD/AUD between 0.79 (Westpac) and 0.86 (ASB) at the end of 2026, against today's ECB reference rate of 0.8140 (11 Nov 2026). For December 2027 the range is 0.81 (ANZ) to 0.88 (BNZ). The newest, BNZ (9 Nov 2026), sees 0.88.
Bank forecasts
Each row is one bank's latest published forecast, as at the date shown. Figures are end-of-period levels for one NZ dollar in Australian dollars.
| Bank · published | Today | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 0.8140 | 0.81 | 0.82 | 0.84 | 0.87 | 0.88 | 0.88 | 0.88 | — |
| Westpac19 Oct 2026 | 0.8140 | 0.79 | 0.81 | — | — | 0.87 | — | — | 0.90 |
| ASBOctober 2026 | 0.8140 | 0.86 | 0.88 | 0.88 | 0.87 | 0.87 | 0.86 | 0.84 | — |
| ANZ18 Sep 2026 | 0.8140 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | — | — | — |
| Spreadvs today |
Sources: BNZ Markets Outlook, 9 November 2026 (Quarterly Forecasts table); Westpac NZ Weekly Commentary, 19 October 2026 (Economic and financial forecasts table); ASB Economic Forecast Update, October 2026 (FX forecasts by CBA's FX strategists, last updated August 2026); ANZ NZ Latest forecasts (spreadsheet). Kiwibank to be added. ANZ publishes NZD/AUD as a cross derived from its NZD/USD and AUD/USD forecasts, rounded here to 2 decimal places; its note was finalised before the RBNZ's 28 October 2026 decision. "Today" is the ECB reference rate, 11 Nov 2026.
12 months of rates, then the bank calls
Forecast calculator
Type an amount to see it at today's mid-market rate and at each bank's published forecast. It shows what the banks expect. It isn't a quote or advice.
Rates: ECB reference rates converted to NZD, 11 Nov 2026. Forecasts: end-of-period levels from each bank's note, dated. A bank or transfer service will give you less than the mid-market rate.
For Australians
Australians bringing money to New Zealand need the same numbers the other way up. We've inverted each bank's NZD/AUD figure (1 ÷ forecast), so these are the banks' views in our arithmetic, not separate bank forecasts.
| AUD/NZD | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 |
|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 1.235 | 1.220 | 1.190 | 1.149 | 1.136 |
| Westpac19 Oct 2026 | 1.266 | 1.235 | — | — | 1.149 |
| ASBOctober 2026 | 1.163 | 1.136 | 1.136 | 1.149 | 1.149 |
| ANZ18 Sep 2026 | 1.235 | 1.235 | 1.235 | 1.235 | 1.235 |
Today: 1 AUD = 1.2285 NZD (inverted ECB reference rate, 11 Nov 2026).
The past year
On 11 Nov 2026 one NZ dollar bought 0.8140 Australian dollars on the ECB reference rate. That is −6.0% on a year earlier (0.8662 on 11 Nov 2025) and +1.2% on a month earlier.
This is what the banks expect. It isn't advice on when to send. A bank or transfer service will quote you a rate below the mid-market rate shown here.
The next big moment
The Reserve Bank of New Zealand reviews the Official Cash Rate (OCR) alongside its Monetary Policy Statement. OCR decisions often move the NZ dollar on the day. Source: Westpac NZ Weekly Commentary, 19 Oct 2026 (calendar).
OCR dates and bank callsWhat drives the cross
Interest-rate gaps, growth and commodity prices move NZD/AUD the most. NZD/INR forecast · All bank forecasts
When the RBNZ's OCR rises relative to the Reserve Bank of Australia's cash rate, NZ dollar assets pay more and the NZD tends to firm against the AUD. The OCR is 2.75% (since September 2026); ANZ, BNZ and Westpac forecast 3.00% by December 2026, and ASB 3.25%.
Westpac (19 Oct 2026) called a rebound towards 0.8300 "plausible" if New Zealand's economic recovery starts to look stronger over the next few months.
Yes: the NZ dollar and the Australian dollar both lean on exports. NZ's are mainly dairy and food, Australia's iron ore, coal and gas, so a swing in one set of prices can move the cross.
FAQ
Straight answers, with the source and date for every figure.
Three of the four banks we track expect NZD/AUD to be higher than today by December 2027. BNZ (9 Nov 2026) forecasts 0.81 by December 2026 and 0.88 by December 2027; Westpac (19 Oct 2026) forecasts 0.79 by December 2026 and 0.87 by December 2027; ASB (October 2026) forecasts 0.86 by December 2026 and 0.87 by December 2027; ANZ (18 Sep 2026) forecasts 0.81 by December 2026 and 0.81 by December 2027. The ECB reference rate on 11 Nov 2026 was 0.8140. Bank forecasts are often wrong.
Westpac's 19 Oct 2026 note said NZD/AUD hit a 13-year low of 0.8004 that week. In ECB data the past year's low was 0.7982 on 28 Oct 2026. The gap between NZ and Australian interest rates and the pace of New Zealand's recovery both feed into the cross.
Inverting the bank figures, the December 2026 NZD/AUD forecasts equal about 1.235 (BNZ), 1.266 (Westpac), 1.163 (ASB) and 1.235 (ANZ) NZ dollars per Australian dollar. Today's ECB reference rate is 1.2285 NZD per AUD. These figures are our arithmetic on the bank numbers.
None of the banks publishes a six-month figure, but all have quarterly forecasts inside that window. For December 2026 and March 2027: BNZ 0.81 and 0.82, about 1.235 and 1.220 NZ dollars per Australian dollar; Westpac 0.79 and 0.81, about 1.266 and 1.235 NZ dollars per Australian dollar; ASB 0.86 and 0.88, about 1.163 and 1.136 NZ dollars per Australian dollar; ANZ 0.81 and 0.81, about 1.235 and 1.235 NZ dollars per Australian dollar. The ECB reference rate on 11 Nov 2026 was 1.2285. The AUD/NZD figures are our arithmetic (1 divided by the bank forecast).