New Zealand needs to look beyond cuts to the official cash rate to save the economy.

A cut to the OCR will make no difference to economic activity in New Zealand.  We need to look at other economic instruments to stem job losses, such as the RB printing more money and lending it to Government for worthwhile infrastructure projects.

The New Zealand government, the New Zealand officials need to throw away the text book they've been following for so long that's left us in this mess and pick up the text book that's been written a long, long time ago on how to manage the economy properly.  While the cuts to the OCR so far have helped influence confidence in the housing market, the housing market "is not the economy" and is not going to save jobs.

View my interview on TVONEs breakfast show this morning here where i discuss issues around what we need to do beyond cutting the OCR, which by the way was cut another 0.5 percent this morning and is now at 3.0 percent.  By late this afternoon, there had been little change in mortgage rates.