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AAP
AAP
Ben McKay

Fresh recession fears in NZ as central bank cuts rates

New Zealand the Reserve Bank of New Zealand Inflation RBNZ

With inflation falling, New Zealand's central bank has cut interest rates for the first time in four years, bringing relief to mortgage-holders.

On Wednesday, the Reserve Bank of New Zealand (RBNZ) cut the official cash rate from 5.5 to 5.25 per cent.

"It is so pleasing to be able to make that statement," RBNZ Governor Adrian Orr said, speaking of an "almost emotional" decision.

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