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"Surely, the global message is clear - that inflation is no longer the enemy, and all the Bank is doing is using an outdated blunt instrument that will increase the cost of money to business and send the wrong signal about the need for a growth-led economy," said Mr Barnett.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

Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote. We also acknowledge the men who supported the cause and voted for the Bill to pass.

“Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.

“Aotearoa New Zealand has a female Prime Minister, we have women in cabinet. And I’m here as Acting Minister because the Minister for Women Julie Anne Genter is on maternity leave. New Zealand is a good place to be a woman!” More>>


Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>


'Post-Settlement Era': Māori Crown Agency To Be Established

Cabinet has approved the final scope of the Māori Crown portfolio and agreed to establish an agency to oversee Government’s work with Māori in a post-settlement era, announced Crown/ Māori Relations Minister Kelvin Davis. More>>

Gordon Campbell: On Our Military Roles In Iraq & Afghanistan

The politics of the deployment extension have degenerated into a slanging match about whether the previous National government was right or wrong to make the initial commitment to Iraq – and whether the extension is a responsible thing given our joint training role in Iraq with Australia, or is hypocritical in the light of prior statements made by a previous Labour leader... More>>


Commissioner To Be Appointed: Govt To Dismiss Board Of Whitireia And WelTec

Education Minister Chris Hipkins has made a preliminary decision to appoint a Commissioner to Whitireia and WelTec to address the two polytechnics’ financial woes. More>>


Open Government Action Plan: Government To Proactively Release Cabinet Papers

The Cabinet papers will be released no later than 30 business days after a Cabinet decision. This process will be in place for Cabinet papers lodged from 1 January 2019... More>>


NZ Initiative: Evidence Of "Huge" Government Waste

It is not so much that spending is being literally wasted. Rather the best performing countries are achieving much better outcomes relative to their spending. More>>


Gordon Campbell: On The Ardern Pep Talk

The intolerance being shown as the coalition process unfolds in New Zealand betrays our depressing appetite for a tidily totalitarian style of government where everyone is expected to march in lockstep. More>>





InfoPages News Channels