The Finance Minister says the Government has a plan to tackle non-tradeable inflation.
CPI increased 3.3 percent in the year to June, a fall from the 4 percent rise in the year to March.
Nicola Willis says things like higher rents are sticking around.
She says they want to help push that inflation down with more housing supply.
"That's what will ultimately push rents lower - and we are conducting significant reforms to ensure that more homes can be built more cheaply."
Meanwhile, ANZ has already announced cuts to its home loan interest rates.
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