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


Copeland pushes ANZAC currency

Copeland pushes ANZAC currency

In the light of the Reserve Bank’s decision to leave the official cash rate unchanged at 5.75%, United Future’s finance spokesman Gordon Copeland suggested today that it would be timely to look once again at the possibility of a monetary union with Australia.

“The recent rapid appreciation in the value of the $NZ indicates that there may well be a cost, particu-larly to exporters, in New Zealand continuing to maintain interest rates at around 1% higher than the equivalent rate in Australia,” he said.

“While that continues, overseas investors have an incentive to pile into the $NZ boosting our exchange rate even further. Commentators are even now beginning to talk about whether the kiwi dollar might achieve parity with the Aussie.

“These realities bring into focus once again the question of a monetary union. If the countries of Europe (except the UK for the moment) - many of whom have populations of 50 million or more - de-rive benefit by switching to a common currency, it is surely something that Australia and New Zealand with their relatively small populations should be considering,” said Mr Copeland.

“I appreciate that at first sight an Australasian Reserve Bank issuing a new currency for use by both countries and setting a single interest rate etc might seem radical and raise questions, and even fears, about a loss of Kiwi sovereignty. But the reality is that globalisation continues apace and as a small isolated nation of just 4 million people, we risk being left behind in a rapidly changing world.

“Sport aside, Australia and New Zealand have always been the best of friends and currency union does not automatically lead to a diminution in our national identity. As in Europe we can still have our own Parliament, write our own laws (monetary policy aside) and continue to challenge Australia on the sports field.

“Personally I am persuaded that it is an idea whose time at the 20th anniversary of CER has now ar-rived. I can envisage it as a first step which might eventually link Australasia into a common currency trading bloc with the rapidly growing markets of Asia. Alternatively the two countries could look at common currency with North America.

“The important point is however that we need to look now at taking the first step and that should be with Australia,” said Mr Copeland.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>


Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news