Reserve Bank Governor Adrian Orr is defending his change of tune on the Official Cash Rate.

He's cut the OCR to 5.25%.

Some economists are criticising the suddenness of the change of direction, with Brad Olsen calling on the central bank to take accountability for radically changing its forecast without a radical change in circumstances.

But Orr told Mike Hosking the situation has changed since his last Monetary Policy Statement, three months ago.

He says plenty of time and information has changed since May, and the Reserve Bank has communicated that in its Monetary Policy Review in July.

LISTEN ABOVE

Reserve Bank Governor Adrian Orr is defending his change of tune on the Official Cash Rate. 
He's cut the OCR to 5.25%. 
Some economists are criticising the suddenness of the change of direction, with Brad Olsen calling on the central bank to take accountability for radically changing its forecast without a radical change in circumstances. 
But Orr told Mike Hosking the situation has changed since his last Monetary Policy Statement, three months ago. 
He says plenty of time and information has changed since May, and the Reserve Bank has communicated that in its Monetary Policy Review in July. 
LISTEN ABOVE

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

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