3 July 2002

The Rt Hon Winston Peters MP, Leader of New Zealand First, said that the Reserve Bank’s decision to raise the official cash rate to 5.75% was another indicator that the policy target agreement needs to be amended.

“The fact is that economic conditions are being allowed to stack up against our exporters while the Reserve Bank maintains its myopic focus on inflation – and much of the domestic inflationary pressure is a result of excessive immigration.

“New Zealand First will cut immigration, focus on export promoting policies, and amend the Reserve Bank Act to ensure monetary policy gives due emphasis to export and economic growth,” Mr Peters said

ENDS

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