Reserve Bank’s OCR surprise delivers a blow for savers and relief for borrowers – for now

Analysis byWellington Business Editor·NZ Herald·28 Oct, 2026 05:05 PM5 mins to readWellington Business Editor, Jenée Tibshraeny, covers business, the economy and public policy for the Business Herald.‌Reserve Bank Governor Dr Anna Breman suggests more OCR hikes could be required than the Reserve Bank pencilled in when it last published an OCR outlook in September. Photo / Mark MitchellMuch is often made of the impact interest rates have on the borrowers, paying off around $400 billion of mortgage debt.However, savers, including households eager to earn more interest on the $275b they have deposited in New Zealand banks, are struggling to catch a break. The Reserve Bank’s surprise