Christopher Luxon remains hopeful the latest cut in the OCR isn't the last

The Reserve Bank's dropped the Official Cash Rate 25-basis-points to 3.25 percent, and is now forecasting it will reach a low of 2.9 percent in December.

But the Monetary Policy Committee wasn't able to reach a unanimous decision to cut the cash rate.

The Prime Minister says Governor Christian Hawkesby is dealing with a period of global uncertainty.

He says there's a huge amount of volatility that Hawkesby is navigating, but the economy is turning a corner.