Today's 50-basis-points OCR cut could go some way to getting our economy growing again

The Reserve Bank's slashed the cash rate to 2.5 percent.

ANZ's lowered its floating and flexible rates, on top of all major banks already lowering fixed term offerings.

Kiwibank Chief Economist, Jarrod Kerr, says he's been calling for a 2.5 percent cash rate for two years.

He says the cash rate has needed to go below the neutral rate of three-percent - to stimulate the economy.