The state-owned enterprise calls it an inter-generational investment, made with faith the economy will improve.
Cameron Bagrie feels COVID-19 and pre-pandemic interest rate lows are a thing of the past.
"There is nowhere to hide when faced with steeply rising costs."
But it's not good news for Wellington workers.
"That's a bit of a change from what most economists were thinking."
"The perfect borrowing strategy is only ever known in hindsight."
"Domestic inflation is still... high."
Here's the latest data.
Economists were predicting the OCR would stay the same before Wednesday's announcement.