A rare sign of division within the Reserve Bank

The Central Bank's cut the OCR 25-basis-points to 3.25 percent - and is now forecasting it will reach a low of 2.9 percent in December.

But the six members of the Monetary Policy Committee didn't all see eye-to-eye.

Some felt keeping the rate unchanged could be beneficial.

Governor Christian Hawkesby says one member wouldn't support a cut.

He says core inflation is falling and there's spare capacity in the economy, but there was some disagreement on how persistent inflation expectations will be.