Dear John --

The Official Cash Rate has just been cut for the first time in four and a half years.

That means our plan to reduce inflation is working, the Reserve Bank is easing interest rates, and your mortgage repayments will get more affordable.

Two years ago, inflation was 7.3 per cent. Now it’s 3.3 per cent and on track to keep going lower. We’re focused on driving it down further to ease the cost-of-living pressure you’re facing.

It’s still really hard out there – and mortgage repayments are a big financial challenge for so many families – so today’s announcement is welcome news and an early sign our economic plan is working.

We’ve stopped wasteful spending, we’re getting rid of red tape and we’re delivering the tax relief you deserve.

There is so much more work to do as we rebuild our economy but this is a step in the right direction and shows more relief is on the way for hardworking Kiwis.

Thanks,
Christopher