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Governor must lower OCR, Greens say

Wednesday 30 Jan 2013 2:38 p.m.

Co-leader Russel Norman says inflation is running below expectations and the New Zealand dollar is trading at near record levels

Co-leader Russel Norman says inflation is running below expectations and the New Zealand dollar is trading at near record levels

Reserve Bank governor Graeme Wheeler must lower the official cash rate (OCR) on Thursday to take the pressure off the exchange rate and protect jobs in exporting and manufacturing, the Green Party says.

Co-leader Russel Norman says inflation is running below expectations and the New Zealand dollar is trading at near record levels.

"The governor can't continue to sit on his hands while the runaway dollar leads to job losses and reduces the competitiveness of our export sector," he said today.

"A decision to leave the OCR unchanged tomorrow is a conscious decision that will wreck a vital part of the New Zealand economy."

Economists widely expect Mr Wheeler to hold the rate at 2.5 percent and that is also the official line of the New Zealand Institute of Economic Research's shadow board.

Ahead of the decision, economists have noted that Mr Wheeler has a tough call in weighing a strong property market, fuelled further by the Christchurch rebuild, against a stubbornly weak economy.

NZN

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