Economists' Official Cash Rate expectations have proven correct

It's staying at 5.5-percent, for the eight consecutive time.

But the Reserve Bank's tone has softened -- to belief inflation will return to its one-to-three percent target by the year's end.

Kiwibank Chief Economist, Jarrod Kerr says the Bank had to acknowledge collapsing business and household confidence.

He says after being in a recession for 18 months -- enough is enough -- and it's time for it to start turning the tide on lowering rates.