RBNZ provides support to fragile economy.

Key highlights The RBNZ cut the OCR 50bp in recognition of the weaker economic outlook as a result of the Christchurch earthquake. Rate hikes over 2012 likely to be relatively swift as RBNZ will be wary of persistent construction cost pressures. Markets rattled as Japan hit by massive earthquake and devastating tsunami.     Report prepared by: Chris Tennent-Brown Economist Phone: +64 9 374 8819 Fax: +64 9 302 0992