Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Reserve Bank Moves - Not Justified?

Media Release
Auckland Chamber of Commerce

The action of the Reserve Bank to lift interest rates to avoid inflation pressures building is unconvincing....

"Combined with the uncertainty created by repeal of the Employment Contracts Act and re-nationalisation of Accident Compensation, businesses will want to respond cautiously to this latest change to ensure the cost of doing business is kept under control in coming months."

Michael Barnett, Chief Executive of the Auckland Chamber of Commerce, said that just when the economy starts to grow and hum, we continue to be the only OECD economy that persists in intervention to fuel another self-induced recession.

The warning from Reserve Bank Governor Dr Brash of further intervention to maintain low inflation is a message to politicians as much as the business market.

Impact of increased government spending arising from the upcoming Budget will obviously have potential to fuel inflation, and simply encourage the Reserve Bank to intervene further, with business and consumers picking up the cost!

"Surely, the global message is clear - that inflation is no longer the enemy, and all the Bank is doing is using an outdated blunt instrument that will increase the cost of money to business and send the wrong signal about the need for a growth-led economy," said Mr Barnett.

"What we need is action to break the cycle of holding the economy down as soon as growth shows its potential, and instead develop a strategy to build up a bigger economy, with a strong core of export-led enterprises leading the way. “

For more information contact: Michael Barnett, Ph: (09) 309-6100 or Mob: 021 631 150

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Crowdsale And Crowdfunding Campaign: Help Create The Future Of Independent News

Two weeks to go! The Scoop 3.0 plan aims to create NZ’s first community-owned, distributed news and media intelligence ecosystem in 2019. We believe this ScoopPro media monetisation approach can be scaled and spread globally to support local and independent news efforts in regional New Zealand and around the world.

Scoop is an ecosystem, it would not exist without those who contribute to it, read it and rely on it for professional media purposes. Generous past support from this ecosystem has enabled us to come this far in developing our business model. Support our PledgeMe Campaign>>

 

14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>

ALSO:

Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>

ALSO:

Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>

ALSO:

Two Years Since Kaikoura: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>

ALSO:

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels