Kerre Woodham: Was holding the OCR the right decision?

So what would you rather? A little bit of pain now or a whole lot more later? The Reserve Bank yesterday opted to keep the official cash rate at 2.25%, but the decision to hold was a close-run thing. And we know that now because of the transparency around the decisions being made and a jolly good thing it is too. Governor Dr. Anna Breman had to use her casting vote. The Monetary Policy Committee was evenly split on whether to raise the rate. The three Reserve Bank officials wanted to hold, the external committee members wanted to hike and therefore Governor Breman had to use her casting vote.