RBNZ delivers 50-basis point cut: ‘economic growth is weak’
Borrowers and retailers rejoice after the cut, with the official cash rate expected to fall further in 2025.
Illustration: Michael Hickmott
In the face of a stagnant economy the Reserve Bank has cut the official cash rate from 5.25% to 4.75%.
Most economists had been urging the bank to cut by 50 basis points, saying a bigger cut was needed given the state of the economy. Many also say the bank should cut by another 50 basis points next
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