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

 


So what are those options Dr Cullen?


So what are those options Dr Cullen?

"As the dollar edges ever closer to its post float all time high, exporters are ready for Michael Cullen to finally reveal what his options are for controlling the exchange rate," according to National Party Deputy Finance spokesman John Key. On November 5 at the Finance & Expenditure Select Committee, Dr Cullen said that the Government was 'not without options' to address the rapidly rising exchange rate.

"The Kiwi fell to 61.10 US cents that afternoon, but since then it's crept up more than six cents to 67.18 US cents today.

"If it keeps rising at the current rate it will climb past the 70 cent mark, as it has done only twice before, and beat the late 80's post float high of 72.75 US cents in the short to medium term," predicts Mr Key.

"Therefore it has to be the appropriate time for the Finance Minister to explain exactly what his 'options' are for controlling the Kiwi dollar.

"In November he deliberately teased exporters with promises of relief from the high exchange rate, but he has not delivered.

"If Dr Cullen is true to his word then New Zealand exporters should be hearing more about these so-called options," Mr Key says.

"But Dr Cullen is well aware that various countries have failed to control exchange rates via direct intervention, including Japan which has massive reserves to draw on.

"Rather than meddling with the exchange rate, Dr Cullen must turn his attention to anti-business policies that are stifling growth and adding costs to business, like the RMA," says Mr Key.

"He should be reeling in talk of Union-friendly changes to the Employment Relations Act and dumping the looming election bribe of an extra week's paid holiday.

"The business sector might have been able to carry some of those costs, albeit reluctantly, when the exchange rate was down at 40 US cents. But those expenses become unbearable with an exchange rate at more than 67 US cents," Mr Key says.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news