Reserve Bank of New Zealand’s (RBNZ) Governor Adrian Orr explains the dovish policy pivot at a press conference, following the surprise announcement of a 25 basis point (bps) interest-rate cut on Wednesday.

Orr is responding to questions from the press conference.

Key quotes

We are confident inflation back in its target band can commence re-normalize rates.

We considered a range of moves, consensus was for 25 bps.

Keen to see actual inflation data.