Reserve bank slashes OCR to 3.75%

The reserve bank slashed wholesale interest rate half a percent to 3.75 percent. It's the third consecutive jumbo cut. If you've got a mortgage it could mean repayments are going to cost less and that means more money in your back pocket. But the reserve bank governor is banking on people spending a bit more to help a sluggish economy fire-up. Kiwibank Chief Economist Jarrod Kerr spoke to Lisa Owen.