Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Anderton supports clarification of RBNZ PTA

26 June 2002 Media Statement
Anderton supports clarification of Policy Targets Agreement

Economic Development Minister Jim Anderton supports the call for clarification of the meaning of the existing PTA, which requires that the Reserve Bank maintain:
…”a stable general level of prices, so that monetary policy can make its maximum contribution to sustainable economic growth, employment and development opportunities within the New Zealand economy.”

Mr Anderton would go further in suggesting that if an agreed interpretation of “maximum contribution” is not shared, the new PTA should more explicitly put the emphasis on development.

“The Reserve Bank has increased interest rates by 0.75 per cent over the last six months, apparently on the grounds that the economy is growing beyond the Bank’s theoretical limits. The lags involved in monetary policy are long and variable, so to be on the safe side the RBNZ always tries to get its retaliation in first.

“My view is that growth is not something to be stamped out like a noxious weed.

“High interest rates are anti-growth and anti-jobs. It is hard to justify why New Zealand should have the highest real interest rates (the difference between the market rate and the rate of inflation) in the OECD.

“The ‘cure’ of excessively targeting inflation at the cost of jobs, growth and overseas debt is worse than the disease.

“Under the Clark/Anderton Government, interest and exchange rates have been low. These factors, together with proactive development policies, have seen the economy performing well. Unemployment is significantly down and for the first time in most people’s memory, every single region is in positive growth - many at over 4%.

“The new Policy Targets Agreement needs to lock in the success of the present direction, instead of going back to failed policies,” Jim Anderton said.


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election