Christian Hawkesby: Acting Reserve Bank Governor on the OCR being cut to 2.25%
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Christian Hawkesby: Acting Reserve Bank Governor on the OCR being cut to 2.25%
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About this listen
The Reserve Bank Governor is leaving the job tomorrow with no major regrets about the pace of OCR cuts.
The cash rate's dropped 25 basis points to 2.25%.
Forward-projections suggest this will be the end of the current cycle of OCR cuts, with inflation expected to ease and the economy expected to recover in the new year.
Governor Christian Hawkesby told Mike Hosking they've been responding to circumstances.
He says they've been dealing with a stall in economic recovery while focusing on their mandate of controlling inflation.
Hawkesby says it's hard to say exactly why New Zealand's recovery has stalled more than other countries, telling Hosking there isn't one clear reason for the downturn this year.
He says it's a bit of a puzzle, with tariffs and cautiousness both playing a role, and that's why last month's cut was needed to kickstart the economy.
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