The Reserve Bank Governor is defending not going harder with cuts to the Official Cash Rate. 

The cash rate has been cut 25 basis points to 3%. 

But it's signalling more cuts than it was before, and has revealed two of the six Monetary Policy Committee members actually wanted a bigger cut. 

Christian Hawkesby told Mike Hosking he stands by the central bank's decisions. 

He says they're focused on their mandate of controlling inflation over the medium term, but the recent slowdown has changed their outlook. 

LISTEN ABOVE 

The Reserve Bank Governor is defending not going harder with cuts to the Official Cash Rate.&nbsp;
The cash rate has been cut 25 basis points to 3%.&nbsp;
But it's signalling more cuts than it was before, and has revealed two of the six Monetary Policy Committee members actually wanted a bigger cut.&nbsp;
Christian Hawkesby told Mike Hosking he stands by the central bank's decisions.&nbsp;
He says they're focused on their mandate of controlling inflation over the medium term, but the recent slowdown has changed their outlook.&nbsp;
LISTEN ABOVE&nbsp;

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, 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,...

The Mike Hosking Breakfast

Christian Hawkesby: Reserve Bank Governor on the OCR cut, inflation

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/bfaf9784-6153-4ec0-90e1-b33f015001aa/transcript

Questions over why our largest bank has hiked its floating home loan rate. 

ANZ's lifted its rate 10 basis points to 5.79%. 

It says the move, which brings ANZ in line with most other banks, reflects changing global and local conditions. 

But Squirrel Mortgage Brokers Chief Executive David Cunningham told Mike Hosking it's raising interest rates because it can. 

He says its floating rate is much higher than its one-year fixed rate. 

LISTEN ABOVE 

Questions over why our largest bank has hiked its floating home loan rate.&nbsp;
ANZ's lifted its rate 10 basis points to 5.79%.&nbsp;
It says the move, which brings ANZ in line with most other banks, reflects changing global and local conditions.&nbsp;
But Squirrel Mortgage Brokers Chief Executive David Cunningham told Mike Hosking it's raising interest rates because it can.&nbsp;
He says its floating rate is much higher than its one-year fixed rate.&nbsp;
LISTEN ABOVE&nbsp;

David Cunningham: Squirrel Mortgage Brokers CEO on ANZ raising its floating home loan rate

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e4447c42-a80d-4288-a2fd-b3d70135e79d/transcript

I don’t think there’s a scriptwriter in Hollywood who could out-dramatize real life right now.

It seems the show is back just in time for a year of… who knows what.

Venezuela - was it illegal? Probably. But the key question is: who is going to do anything about it? And if you protest, you look like you’re backing a dictator and a thug.

Greenland? I think a deal where NATO boosts resources should have been done years ago - remembering the thinking behind it: if America doesn’t plant a flag, China might.

Cuba? Colombia? Also linked to the China obsession Trump has. But they’re small fry - they’ll ultimately get settled and sorted.

Minnesota? Proof there’s angst locally as well as internationally.

Trump is rewriting the world. Note that Rubio keeps using the term 'Western Hemisphere' - that’s deliberate. It goes back to President Monroe in the 1800s.

All of this is fascinating - not necessarily good or bad, but gripping nonetheless. If you’re watching the new Night Manager season… the overthrow of a government - is it fiction or a documentary? You don’t know these days.

Locally… apart from being bored witless as local media obsessed over endless weather warnings and crime, we actually have a lot to look forward to. In case you forgot - this country is actually on a bit of a roll.

The pre Christmas GDP number - Q3, so July, August, September - was gangbusters. While so many moaned about our lot, we were in fact going and growing very nicely, thank you. And there’s no reason to believe Q4, when we get it, won’t be about as good.

So that sets the year up - an election year, with a Government that has delivered.

We haven’t even got to Iran, or the astonishing cock up Albanese managed to make of the Bondi tragedy.

The Supreme Court and tariffs - speaking of which, our India FTA came too late for the good news coverage it deserved.

Oh - and the Federal Reserve DOJ scandal that dragged our Reserve Bank Governor into the political world of Winston Peters.

You can’t make a lot of this stuff up - and yet it’s all happening.

It’s all changing. It’s all on.

What a year it’s going to be - awesome.

I don’t think there’s a scriptwriter in Hollywood who could out-dramatize real life right now.
It seems the show is back just in time for a year of… who knows what.
Venezuela - was it illegal? Probably. But the key question is: who is going to do anything about it? And if you protest, you look like you’re backing a dictator and a thug.
Greenland? I think a deal where NATO boosts resources should have been done years ago - remembering the thinking behind it: if America doesn’t plant a flag, China might.
Cuba? Colombia? Also linked to the China obsession Trump has. But they’re small fry - they’ll ultimately get settled and sorted.
Minnesota? Proof there’s angst locally as well as internationally.
Trump is rewriting the world. Note that Rubio keeps using the term 'Western Hemisphere' - that’s deliberate. It goes back to President Monroe in the 1800s.
All of this is fascinating - not necessarily good or bad, but gripping nonetheless. If you’re watching the new Night Manager season… the overthrow of a government - is it fiction or a documentary? You don’t know these days.
Locally… apart from being bored witless as local media obsessed over endless weather warnings and crime, we actually have a lot to look forward to. In case you forgot - this country is actually on a bit of a roll.
The pre Christmas GDP number - Q3, so July, August, September - was gangbusters. While so many moaned about our lot, we were in fact going and growing very nicely, thank you. And there’s no reason to believe Q4, when we get it, won’t be about as good.
So that sets the year up - an election year, with a Government that has delivered.
We haven’t even got to Iran, or the astonishing cock up Albanese managed to make of the Bondi tragedy.
The Supreme Court and tariffs - speaking of which, our India FTA came too late for the good news coverage it deserved.
Oh - and the Federal Reserve DOJ scandal that dragged our Reserve Bank Governor into the political world of Winston Peters.
You can’t make a lot of this stuff up - and yet it’s all happening.
It’s all changing. It’s all on.
What a year it’s going to be - awesome.

Mike Hosking: What a year 2026 is going to be

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/91083246-0100-4b97-98c2-b3d7011b2c62/transcript

On the Mike Hosking Breakfast Full Show Podcast for Monday the 19th of January, the Prime Minister joins Mike in studio to talk the state of the economy, the coalition and when the election date will be announced. 

We find out about the New Zealanders who are moving to Australia who are finding out the grass isn't always greener. 

The Commentary Box talks Scott Robertson's depature as All Blacks coach and the Blackcaps historic ODI series win in India. 

Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.

On the Mike Hosking Breakfast Full Show Podcast for Monday the 19th of January, the Prime Minister joins Mike in studio to talk the state of the economy, the coalition and when the election date will be announced.&nbsp;
We find out about the New Zealanders who are moving to Australia who are finding out the grass isn't always greener.&nbsp;
The Commentary Box talks Scott Robertson's depature as All Blacks coach and the Blackcaps historic ODI series win in India.&nbsp;
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.

Full Show Podcast: 19 January 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/c37af394-d48e-4cfa-bc1b-b3d6014c9dda/transcript

Christian Hawkesby: Reserve Bank Governor on the OCR cut, inflation

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