The National Secretary of the Construction Forestry Mining and Energy Union (CFMEU) Michael O’Connor today expressed disappointment that the Reserve Bank had chosen to keep official interest rates on hold.

“The RBA decision to sit on its hands again whilst huge swathes of the economy struggle is a missed opportunity the nation may pay dearly for.”

“All the data from this quarter points to a weakening of economic fundamentals.”

“Construction and manufacturing are in a parlous state and our members and employers in these industries are telling us they need a rate cut.”

“Combined with poor retail sales figures and an anemic tourism industry, there is a compelling case for a rate cut.”

Mr. O’Connor said that the RBA continued to ignore its explicit charter mandate to promote full employment.

“The RBA has some responsibilities to steward the economy in its entirety in a comprehensive way. Certainly manufacturing and construction are shedding jobs and productive, competitive companies are struggling.”

“The opportunity cost of choosing to continue to do nothing could be very high indeed.”

For media comment please call Michael O’Connor on 0418 550 831.