A steady slide to the OCR is gently flowing through to households. 

The Reserve Bank's cut the cash rate from 5.5% to 3% over the past 13 months and is also signalling further possible cuts on the way. 

Assistant Governor Karen Silk says many people have been fixing on higher short-term rates while they hold out for lower long-term rates. 

Finance Minister Nicola Willis told Ryan Bridge it’s important that monetary policy can stimulate the economy, and the Reserve Bank has made a clear decision to ensure interest rates can fall further. 

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