Strong forms of the secular stagnation hypothesis would argue that an interest rate adjustment is ineffective in inducing an inter-temporal shift in demand when consumers and investors anticipate, let alone experience, near-zero long-run interest rates.
A weaker form would acknowledge that the neutral real interest rate has fallen transitorily, requiring a lower policy rate than previously - a complication for economies close to or at the zero lower bound. In New Zealand, there are a couple of reasons why the secular stagnation hypothesis appears unsupported.