The Reserve Bank says inflation is in its sweet spot
The Reserve Bank says inflation is in its sweet spot
9 October 2024
It's cut the Official Cash Rate by 50-basis points, from 5.25 to 4.75-percent - its second straight fall.
It says employment conditions are continuing to soften and low productivity growth is constraining activity.
Banks have already responded by lowering their rates.
Herald business editor at large Liam Dann says the bank's cutting the rate because the economy's in terrible shape, but it is good news for people fixing their mortgages.
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