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NZ First Will Repeal Reserve Bank Act

New Zealand First Will Repeal Reserve Bank Act And Contract With RB Governor

New Zealand First will amend the Reserve Bank Act and make export, growth, and employment objectives part of the policy targets agreement between the new government and the Governor of the Reserve Bank after the next election.

This follows the announcement today that interest rates will again rise to 5.25%.

"The Reserve bank has once again been premature in its decisions. Once again we see the world's most trigger happy interest rates regime in the world acting on the slightest notion of inflation. The vast majority of nations in the Western world have not moved their interest rates up since September 11. We have the distinction of moving them up twice in a month," said Leader Winston Peters.

"This is an expensive over-reaction to begin with. Growth rates have constantly fallen significantly below commentators' expectations over the last 18 months. This decision, as did the one last month will do nothing to assist economic growth and the creation of jobs.

"It will instead place an even higher burden on the shoulders of the productive sector and a cost onto every mortgage," concluded Mr Peters.


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