The Reserve Bank has given homeowners an early Christmas present by reducing the Official Cash Rate (OCR) from 2.75 to 2.5 percent. This is the fourth interest rate cut this year and it's the lowest the OCR has ever been set to since it was introduced in 1999. Governor Graeme Wheeler is putting the cut down to below average economic growth and low inflation. "Growth in the New Zealand economy has softened over 2015, due mainly to lower terms of trade." "Combined with the increases in the labour supply from strong net immigration, the slowdown has seen an increase in spare capacity and unemployment," ... (full story)