In August 2019, the OCR was eased to 1.00% but the RBNZ was already signalling a willingness for further easing in order to counter rising growth headwinds. Less than a year later, we have an OCR at 0.25%, a global economy facing a swift and unprecedented downturn, and an RBNZ endorsing negative interest rates as an effective stimulatory tool. With recent events highlighting the enduring challenges of the new ‘normal’ in a COVID-19 world, the prospect of further monetary policy measures being rolled out appears high.