Reserve Bank governor Alan Bollard today cut the Official Cash Rate (OCR) to 8 percent from 8.25 percent, the first rate cut in five years.
He cut in spite of annual inflation being 4 percent and expected to hit 5 percent this quarter, citing a rapidly slowing economy.
Economists on average assessed there was a 57 percent chance Dr Bollard was going to move today rather than in September as he indicated last month.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Xero directors Drury, Winkler and Morgan cash in on 35% share price rally
- Serco's prison report challenge: Hide and Davis go head-to-head
- Sir Ralph Norris spells out reasons for Fonterra board departure
- iPredict closing down due to money laundering risk
- MARKET CLOSE: NZ shares mixed; Spark, Fletcher join Asian rally, Xero drops as Drury trims stake
Most listened to
- “A very ballsy thing to do” – Rodney Hide and Kelvin Davis discuss Serco’s response to Correction’s Mt Eden Prison report
- “The response from shareholders has been overwhelming” — A2 Corporation chief executive Geoff Babidge
- Greg Gent says a board of 13 people is "prehistoric"
- Arvida CEO Bill McDonald on his company's half-year net profit
- Lance Wiggs on the future of food exports
- Auckland Councillor Chris Darby on the Council's alternative funding report
- Nevil Gibson discusses his latest Editor's Insight on oil prices
- Campbell Gibson, Nick Grant and Chelsea Armitage chat about the inner workings of New Zealand media
- Paul Brislen discusses the 'snake oil' sales tactics of SalesConcepts
- Fonterra chief executive Theo Spierings reveals his ambitious China plan
- UDC Finance chief executive Wayne Percival talks about the company's profit
- Hamish McNicol discusses the latest court stories