Hon Nicola Willis
Minister of Finance

Today’s cut in the Official Cash Rate (OCR) to 4.75 per cent is welcome news for families and businesses, Finance Minister Nicola Willis says.

“Lower interest rates will provide much-needed relief for households and businesses, allowing families to keep more of their hard-earned money and increasing the opportunities for businesses to invest and innovate.

“New Zealanders have been doing it tough over the last few years with the economy in recession, high interest rates and sharply rising prices.

“That is changing as inflation falls towards the target level, interest rates come down and businesses have the confidence to invest and hire again.

“Last week’s ANZ Business Outlook showed that businesses are feeling more positive and looking to invest in the future which is good news for all Kiwis. The Mood of the Boardroom echoed this, showing that confidence in the economy has reached its highest level since 2016.

“It’s early days and there is still more work to do, but our careful and deliberate plan to rebuild the economy is working. Like businesses, we are confident that brighter days are ahead,” Nicola Willis says.

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