New Zealand Reserve Bank cuts rates by 25bp

The decision was a surprise to many economists, given the RBNZ warned in May it may not cut rates until August 2025.

However, fresh data releases in the three months since then - including a fall in headline inflation to 3.3 per cent - has prompted RBNZ governor Adrian Orr to move.

"Surveyed inflation expectations, firms' pricing behaviour, headline inflation, and a variety of core inflation measures are moving consistent with low and stable inflation," he said.