Westpac tips ‘Turneresque’ 25bp OCR cut but says RBNZ could still channel McCullum

(Image: Getty)

Wed, 19 Nov 2025

Westpac Bank is sticking to its view the central bank will cut rates by 25 basis points next week to 2.25% but says there’s a 25% chance it will opt to be more aggressive and cut by 50bps.The key question is whether the Reserve Bank's monetary policy committee thinks it will need to cut the Official Cash Rate (OCR) more in 2026.“If there are serious doubts that a 2.25% OCR won’t do the job, then a 50bp cut to 2% ahead of the long break until February will look compelling,” Westpac Bank chief economist Kelly Eckhold s...

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