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AAP
AAP
Ben McKay

Economic gloom prompts RBNZ into 50bp cash rate cut

RBNZ New Zealand

New Zealand's tanking economy has pushed the central bank into a second-consecutive double-strength 50 basis point interest rate cut.

And Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr isn't done, saying economic conditions are so poor he will cut again early next year.

The RBNZ believes New Zealand is in the midst of another technical recession.

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