The New Zealand dollar dropped as a result, which was also good news for local tourism as visitors would get more for their money, he said.
However, each move in the OCR was a double-edged sword and this reduction would be bad news for importers, people with money invested in banks and people wanting to travel overseas.
Mr Lister expected to see petrol prices increase in the coming days as a result.
Tourism Bay of Plenty chief executive Rhys Arrowsmith said there was a direct correlation between the foreign exchange rate and the number of visitors to the city and region.
"It makes our country an easier choice when that exchange rate swings in their favour," he said.
"I'm sure both exporters and the tourism industry welcome the downward change."
Chamber of Commerce acting chief executive Toni Palmer said the cut had an immediate impact on the dollar, which flowed through to local exporters.
"It will make it easier for them to be more competitive in global markets. The downside is an increase in cost of imported goods, which will impact on consumer goods," she said. Banks yesterday slashed mortgage rates in reaction to the cut.
Tauranga Harcourts managing director Simon Martin expected the move would result in an increase in the volume of house sales in the coming months.
"As far back as you can remember, when the official cash rate goes down the volume of sales goes up about six months later."
Lower interest rates meant it was more affordable for people to get into the housing market and caused an increase in demand. People who had their money invested would be getting less interest and would see property investment as a new opportunity, he said.
