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Economy Takes Nose Dive

Jim Anderton’s attack on the Reserve Bank is shaking economic confidence, ACT leader Richard Prebble said today.

“The New Zealand economy rests on four pillars – the independence of the Reserve Bank, the Fiscal Responsibility Act, the Employment Contracts Act and an open economy,” Mr Prebble said.

“The pillars of the economy are being knocked out. Businesses are now realising that the Employment Relations Bill is a radical union law. The government is unilaterally reversing the bi-partisan agreement to lower tariffs.

“Now Mr Anderton is attacking the independence of the Reserve Bank.”

Mr Prebble said the result was a “political and financial free-fall.”

“Mr Anderton’s supporters view the 0.5% rise in the official cash rate as meaning the Alliance has no influence. In contrast, the financial sector sees the unexpected radical Employment Relations Bill, the reversal on tariffs, and the increases in spending as meaning the government is further to the left than investors had expected,” he said.

ENDS

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