Official cash rate decision live updates: Reserve Bank cuts rates by 50 basis points to 4.75%
The Reserve Bank has today cut the official cash rate (OCR) by 50 basis points to 4.75%.
The Monetary Policy Committee said economic activity in New Zealand was subdued, in part due to restrictive monetary policy. “Business investment and consumer spending have been weak, and employment conditions continue to soften. Low productivity growth is also constraining activity.”
The Committee said that annual consumer price inflation was within its 1 to 3 per cent inflation target range and converging on the 2% midpoint.