The Council of Trade Unions says a bleak outlook for the world economy means the next move in the Official Cash Rate should be downwards.
The Reserve Bank on Thursday left the OCR on hold at 2.5%, citing the bleak prognosis for the world economy.
But it still has the cash rate increasing to 4% by the end of 2013.
The CTU says the grim outlook means the next move in the rate should be downwards.
The Reserve Bank also raised its forecasts for the dollar from its previous estimates in June.
It says a deepening in Europe's debt troubles leaves banks here exposed to higher funding costs, while exporters to Asian markets risk being caught if the eurozone's problems spread.
