The Reserve Bank of New Zealand (RBNZ) surprised the market on June 11 by cutting the official cash rate (OCR) by 25 basis points to 3.25 per cent – the first OCR cut since March 2011. Analysts say the RBNZ is flagging the expectation of a further cut to come, although the consensus in the immediate aftermath of the latest decision is that the cut will not come at the next scheduled opportunity.