The Reserve Bank of New Zealand Official Cash Rate (OCR) directly affects the bank interest rates. When the OCR increases, so do the interest rates, therefore with a steady OCR increase, we also see a steady increase in interest rates.
Over the last 2 years, the OCR rate has dropped from 1.00 down to 0.25 and remained there for over a year. From October 2021 there has been a consistent 0.25 increase. It will be interesting to see if it is to rise again come March/April 2022.