The Reserve Bank was correct to cut the official cash rate today, says Business New Zealand Chief Executive Simon
"It is a prudent response to US events, and in line with the actions of other major central banks.
"New Zealand's economic well being is linked closely with that of the US and the Reserve Bank's action is timely.
"It will also go some way towards counteracting any loss of business confidence as a result of recent events in
Australia, " Mr Carlaw said.