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


Doctors' Fatal Prescription

Media Release
2 October 2003

Doctors' Fatal Prescription

New Zealand First is calling on Doctors Bollard and Cullen to administer some first aid to the New Zealand economy by helping exporters with a lower exchange rate.

“The Official Cash Rate is too high because of the immigration-inspired over-stimulation of the housing market. The Reserve Bank must give greater weighting to the three ‘Es’: exports, employment, and economic growth and cut the rate now,” said New Zealand First leader, Winston Peters.

“As the Kiwi dollar rises our exporters’ prospects diminish. This combination of high interest and exchange rates is a fatal prescription for a country aiming to drag itself back into the first world.

“The Finance Minister also needs to be less selective in his measurement of the economy’s performance. While congratulating himself on a high tax take and an internal surplus Dr Cullen needs to pay greater heed to a current account deficit approaching $6b, quarterly growth of 0.2%, and alarming foreign debt equal to 80% of GDP,” said Mr. Peters.

“First home buyers can’t afford overpriced houses and exporters are facing disadvantageous terms of trade because of overvalued exchange rates and high interest rates. The economic doctors need to alter their policy prescriptions in support of farmers, manufacturers and other exporters.

“New Zealand is a trading nation – not a transit camp for migrants,” said Mr Peters.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them.

Finally, yesterday’s announcement by the Ardern government that a new state agency will be set up to assess and plan the manned re-entry to the mine (on a set timetable) goes a long way to meeting the families’ remaining request: that they be enabled, if at all possible, to bury their loved ones. More>>


Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>


Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>


Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>





Featured InfoPages

Opening the Election