Don't bank on further cuts to the Official Cash Rate. 

The Reserve Bank's dropped the OCR 25 basis points to 3.25%, and is now forecasting it could reach a low of 2.9% by the end of the year. 

But Governor Christian Hawkesby says further cuts aren't guaranteed. 

He told Mike Hosking they're taking things one step at a time, as they wait to see how global developments affect the economy and inflation. 

Hawkesby says the OCR is now close to "neutral" and the Reserve Bank's next move won't be pre-programmed, it will depend on how things unfold. 

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