Economic Weekly: 50/50 – 50bps of cuts to 0.5% floor

  • Last week, both of the main business confidence surveys in NZ flagged that the NZ economy risks losing even more momentum than it already has.
  • The collective sum of events of the past few months has made businesses less confident in their outlook and less keen on making investment commitments.
  • We now expect the RBNZ to cut the OCR by a further 25bp in February next year, in addition to the 25bp cut we expect to see in November, taking the OCR down to 0.5%.



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Mark Smith

Senior Economist

Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.

His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.

Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.

Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.

When not at work Mark likes to travel, keep fit and spend time with his friends and family.