Reserve Bank's Orr: Cutting OCR in light of cyclone 'makes no sense'

Reserve Bank's Orr: Cutting OCR in light of cyclone 'makes no sense'
RBNZ governor Adrian Orr was grilled by MPs. (Image: Getty)
Riley Kennedy
Reserve Bank of New Zealand governor Adrian Orr says cutting interest rates in light of Cyclone Gabrielle “makes no sense”.Orr, flanked by his chief economist Paul Conway and assistant governor Karen Silk, made the comments this morning while being questioned by MPs at the Financial and Expenditure Select Committee at Parliament.Yesterday, the Reserve Bank of NZ (RBNZ) lifted its official cash rate (OCR) by 50bp to 4.75%.The RBNZ is mandated with keeping inflation between 1% and 3%. It's now running at 7.2% and the central bank...

More Finance

JPMorgan is revamping Its bank for the superrich
Finance

JPMorgan is revamping Its bank for the superrich

There is a minimum required balance of US$10 million. 

Port of Auckland to pay $45m special dividend to council
Finance

Port of Auckland to pay $45m special dividend to council

The divestment proceeds will be used to top up the Auckland Future Fund.

Oliver Lewis 27 Jun 2025
$600m in tourist spend at risk from regulation: Mastercard
Finance

$600m in tourist spend at risk from regulation: Mastercard

When Europe cut interchange fees, foreign card decline rates soared.

Pattrick Smellie 27 Jun 2025