Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Joint central bank nothing but sugar coating

“The creation of a joint central bank is largely irrelevant to the question of a single trans-tasman currency and would have only a palliative effect on the subsequent loss of our economic sovereignty,” TUF Secretary, Michael Gilchrist said today.

“Whether New Zealand simply adopts the Australian dollar or whether there is a joint central bank, the currency would continue to be managed for the benefit of the seven Australian states. Any alternative is politically inconceivable.

“A joint central bank would be mere sugar coating on the pill for New Zealanders – and what a bitter pill to swallow it is.

“In 1978 our per capita real GDP was 99% of Australia’s. In 1987 it was 98.5%. By 1998 it had collapsed to 84%.

“There is nothing inherently stronger about the Australian economy. The difference is a difference in economic management.

“The fact is that our economic management since the mid 80’s has been abysmal in comparison with that of Australia. That includes management of the dollar by the Reserve Bank since it was floated in 1985, as well as the throwing away of valuable domestic markets and a host of other missed opportunities to develop our national economy.

“Either we confront our failures and start repairing them or our performance will continue to deteriorate. An exchange rate fixed by the Australian dollar will only make us more vulnerable to shocks in the terms of trade and inflationary and recessionary pressures.

“An autonomous nation state offers its citizens the opportunity for balanced, equitable economic development. Until recently in our brief history that’s something we have looked like being able one day to achieve. With currency union that opportunity will be lost forever,” Mr Gilchrist concluded.

For further information contact: Michael Gilchrist 04 384 8963 or 04 237 7566

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news