OCR Held @ 0.25% but plans afoot to take it negative

The Official Cash Rate (OCR) is being held at 0.25 percent in accordance with the guidance issued on 16 March.

The Committee noted that a negative Official Cash Rate (OCR) will become an option in future, although at present financial institutions are not yet operationally ready.

It was noted that discussions with financial institutions about preparing for a negative OCR are ongoing.

1 and 2 year fixed rates now in the 2’s…who would of ever thought.! 😉