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The Reserve Bank sets the Official Cash Rate once every six weeks, or seven times a year. The OCR is a powerful signal that the Bank uses to dial up or down the cost of money that is, interest rates that people and businesses pay when borrowing for everything from houses to cars to credit card purchases, or that they receive on their savings. These interest rates, all together, affect the rate of consumer price inflation and the level of activity in the economy. The Reserve Banks aim is to keep prices stable. If the economy overheats, higher interest rates can discourage excessive borrowing and spending, and encourage saving, which helps to keep a lid on inflation. If the economy slows too much, lower interest rates can encourage the borrowing and investment the economy needs to grow. The Reserve Bank makes OCR announcements at exactly the same time each time 9 am on the dot. Financial markets react immediately. But the effects go well beyond that. The OCR sets the overnight ra