The Reserve Bank's Chief Economist says making OCR decisions by-committee is working well, even if the committee members sometimes disagree

The Monetary Policy Committee failed to reach a unanimous consensus on yesterday's OCR cut.

It's cut the Official Cash Rate by 25-basis-points to 3.25 percent, and is now forecasting a low point of 2.9 percent in December.

It's only the second time the committee hasn't been able to all agree, since it was established six years ago.

But Paul Conway says the committee has created a sense of stability, even during the recent abrupt departure of Governor Adrian Orr.

He says the fact financial markets weren't rattled by the change in Governor, shows the value of committee decision-making.