Business

CFMEU wanted doubled rate cut

THE Reserve Bank could not appease all groups with its 25 basis point cut to official interest rates on Tuesday, with the CFMEU saying the cut should have been doubled.

The union's national secretary Michael O'Connor said the cut would not alleviate pressure on manufacturing and other trade-exposed industries.

Mr O'Connor said inflation was low enough to justify "far more decisive action".

"While 25 basis points is a good start, today's decision should have been a 50 basis point cut," he said.

"Manufacturing employs one million Australians and yet the RBA seems content to let an entire industry get eaten by the high dollar.

"Monetary policy one of the key levers we have for promoting jobs and economic growth. It's a deep shame that those who can pull it are doing so in such a half-hearted manner."

Topics:  cash rate, cfmeu, interest rates, rba




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