The Reserve Bank officially announced that the OCR is going up by a further 75 basis points to 4.25 percent, the highest level since 2008. 

Jenee Tibshraeny, NZ Herald Wellington business editor says that this news isn't surprising, but this rate hike may not even be the worst of it.

Jenee Tibshraeny says that the financial markets were more shocked by the lack of growth potential paired with the rate hike, and the fact that it could lead to a recession by next year.

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