• Nicola Willis: Finance Minister on the impact of the OCR cut and dropping interest rates

  • Feb 19 2025
  • Length: 6 mins
  • Podcast

Nicola Willis: Finance Minister on the impact of the OCR cut and dropping interest rates

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  • Summary

  • Banks could soon be competing a bit harder for our business.

    The Reserve Bank's signalling yesterday's double cut to the OCR will be followed by at least two more single cuts at the next reviews in April and May.

    Finance Minister Nicola Willis told Andrew Dickens that's going to drive banks' rates down.

    She says mortgage-holders and small businesses should be expecting to see their interest rates keep dropping.

    Governor Adrian Orr says banks that don't cut their rates enough could lose market share to their competitors.

    He says banks will be "sniffing and hunting" for business and may even have reduce their profit margins.

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