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Interest rate cut good for jobs, bad for dollaroo

Interest rate cut good for jobs, bad for dollaroo

Today's decision by the Reserve Bank to reduce the level of its Official Cash Rate is good news for jobs, says Progressive MP Matt Robson.

And he says today's decision again highlights the folly of those who want New Zealand to abandon running its own independent monetary policy in favour of integrating the New Zealand dollar with the Australian dollar.

"Today's interest rate cut is pro-jobs," Matt Robson said.

"It also shows the benefit of having New Zealand control of monetary decisions, with decisions being made in response to our specific economic conditions and outlook," he added.

The Reserve Bank's June Monetary Policy Statement today cut the OCR by a quarter of a percentage point, to 5.25%, to provide some protection for the economy against downside risks posed from overseas developments including SARS.

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