Larry Williams Drive

Good news - the Reserve Bank has finally done the thing many of us thought was necessary, and they've gone for a double cut in the OCR of 50 basis points. That's the good news. The bad news is that they've been forced to do it because they didn't do it earlier, as in, they haven't cut as quickly as they should have. I mean, think back to July when they actually chose not to cut at all, which was clearly a mistake at the time - but became even more of a mistake when we saw the shock GDP number that followed. We saw that in the three months before that decision, the economy had actually contracted by a whopping 0.9 percent and the Reserve Bank hadn't really noticed at all. And the bad news, I suppose, again, is that they could have done a double cut last time when two of them on the Monetary Policy Statement said we should go double cut. But more of them said, no, let's just go with the single cut. So they've gone with a double cut today - vindication for two, it would seem. We're gonna stick to the good n