COMMENT:

The Reserve Bank has kicked off a new era of committee-based monetary policy with a bold move, cutting the official cash rate to a record low.

The RBNZ yesterday lowered the rate by 0.25 per cent - to 1.5 per cent - despite economic conditions being far from bleak.

It was the first cut since November 2016.

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The move signals that, under Governor Adrian Orr's watch, and a new policy regime that considers employment as well as inflation data, the bank is prepared to get on the front foot to tackle slowing growth early.

It does leave room for