VIEW: Westpac have rolled forward their call...>

RBNZ: VIEW: Westpac have rolled forward their call for an RBNZ cut to March and

note that "we haven't made a call on the likelihood of further OCR cuts beyond

March; that will depend on how the global situation evolves. What about a more

aggressive 50bp cut in March? We acknowledge that's a possibility, but we expect

that the RBNZ will act proportionately. The RBNZ is coming off a more favourable

starting point than its overseas counterparts, with inflation and employment

both broadly in line with its mandate. The Government has both the scope and the

willingness to use fiscal measures to soften the blow. And the falling exchange

rate provides a useful safety valve for the New Zealand economy, more so than it

might in a relatively closed economy like the US."