
Mortgage News
Bollard slashes rates citing global recession
Thursday 29th of January 2009
Bollard cut his official cash rate (OCR) from 5% to 3.5%, saying the global economy is now in recession. He has progressively cut the OCR from 8.25% since July last year.
"I wouldn’t have been gob-smacked if he had moved 200 (basis points)," says Brendan O’Donovan, chief economist at Westpac, who was one of the few predicting a 150 point cut.
"With the severity of the situation Ne...
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