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Dollaroo told to hop it

Dollaroo told to hop it

Australian parliamentarians who want the Pacific to adopt the Aussie dollar as a common currency are being told to forget about it.

Progressive MP Matt Robson said adopting the Australian dollar would damage the New Zealand economy at the cost of jobs and surrender too much New Zealand sovereignty.

Progressives made a rejection of a common currency a cornerstone commitment at the last election, and Matt Robson said the proposal won't happen while Progressives are in government.

"If we adopted the Australian currency, then our businesses would face higher interest rates whenever Sydney house prices surged. There is no logic in that.

"As an example, if a hypothetical Australian government cut taxes and ran budget deficits, interest rates would rise and jobs would be lost in New Zealand -- yet New Zealanders would have no voting control over their economic fate.

"The Australian dollar is not notably more stable against other currencies than ours.

"The only advantage is a marginal reduction in transaction costs. The costs of inappropriate interest rates and currency value - which would destroy jobs in New Zealand - would far outweigh any reduced transaction costs," Matt Robson said.

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