Best of Markets with Madison: Economics

Reserve Bank Governor Adrian Orr during his OCR press conference in Wellington this August when the bank announced a cut to the official cash rate of 0.5%. Photo / Mark Mitchell

Our economy turned ugly this year with official data showing we’re in a deeper recession than any economics expert expected.

The Reserve Bank of New Zealand kept monetary policy tight for years to ward off inflation but began cutting the official cash rate in August, as the impact of costly loans squeezed borrowers and limited spending across the country.

Some economists and rates analysts were calling for more significant cuts by the central bank, warning the economy was worse than lagging economic data suggested. Revisions since proved that to be true.

This year Markets with Madison kept a close watch on the state of the economy and the impact interest rate cuts were having on borrowers and business.

Here are some of those episodes.

The rate cut curve

This episode with rates strategist Sean Keane reflects on the Reserve Bank’s performance, and contrasts previous rate cutting cycles with the one we are now in.

Realising the pain

This episode canvassed the pressure the economy was under ahead of interest rate cuts mid-year.

Reserve Bank interview

In this episode, the deputy governor of the Reserve Bank Christian Hawkesby sheds light on how it makes its decisions and how low the official cash rate could go this cycle.

Hawkesby also discusses the state of the country’s financial system.

The Adrian Orr interview

In this episode from early 2025, Reserve Bank Governor Adrian Orr discusses the central bank’s decisions - including how its increase of the money supply contributed to inflation.

Get investment insights from executives and experts on Markets with Madison here on the NZ Herald, on YouTube and wherever you get your podcasts.

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Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice.

We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.

Madison Reidy is the host of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.