The Reserve Bank has lifted the Official Cash Rate for the first time in more than three years.

It's raised the OCR 25 basis points to 2.5 percent.

The Monetary Policy Committee's six members all agreed to raise the cash rate - despite divided opinions from economists.

Infometrics Principal Economist Brad Olsen says the Reserve Bank will be looking to get the OCR down to a more 'normal' level - and this increase is the first step.

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