OCR slash signals time for pro-growth tax reform

The Reserve Bank has today slashed the Official Cash Rate (OCR) by 50 basis points for the third time in a row, dropping the rate to 3.75%.

Commenting on the rapid drop, Taxpayers’ Union Spokesman James Ross called this “an admission of failure by the Reserve Bank Governor.”

“The Reserve Bank being too slow off the mark to cut interest rates has driven the country into the worst economic downturn in three decades. With more than two and a half times the staff now than the Bank had in 2018, clearly too many cooks spoiled the broth.”

“To dig ourselves out of recession, we need to see serious growth. That means attracting investment, and the corporate tax reforms to fuel it.”

“With Budget 2025 just around the corner, now’s the time for Nicola Willis to be drafting plans for a pro-growth agenda, including high bang-for-buck policies like full capital expensing.”