The Reserve Bank is signalling further OCR cuts - but making no promises

It's slashed the cash rate 25 basis points today, to three-percent.

The central bank says spending is being constrained by global uncertainty, falling unemployment, declining house prices - and higher prices for essentials like energy and food.

Governor Christian Hawkesby says things could track, in one of two ways.

He says caution from households and businesses could further dampen growth, or falling interest could accelerate it.