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No desire for a new common currency

Rt Hon Jenny Shipley

Leader of the Opposition


Wednesday 27 September 2000

No desire for a new common currency

Helen Clark is fooling herself if she believes Australia would be interested in a new joint Anzac currency, Opposition Leader Jenny Shipley said from Sydney today after meeting Australian Prime Minister John Howard.

"Helen Clark recently told Parliament that one possibility would be a new joint currency operated by a common central bank.

"But the Australian Prime Minister made it clear to me that it's just fanciful of New Zealand to believe Australia would be interested in a common currency.

"He said that while any currency union was an issue for New Zealand to address, Australia's only interest would be in New Zealand adopting the Australian dollar.

"We would be taking on their dollar and their Reserve Bank, not inventing some new trans-Tasman entity.

"John Howard also reiterated the concern National has flagged all along - that currency union can do nothing to mask the inherent economic difficulties any nation faces.

"It's clear to me that the Government should be addressing New Zealand's economic problems, not fantasising about the panacea of a common currency," Mrs Shipley said.

Ends


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