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Peters Offers To Help Bring Down The Dollar

Media Release
3 March 2004

Peters Offers To Help Bring Down The Dollar

New Zealand First has urged the Government to bring down the value of the dollar and has pledged to support any reasonable action by the Finance Minister to achieve this.

Speaking during the debate on the Budget Policy Statement in Parliament today, Mr Peters warned that the country could simply not keep spending more than it earned overseas without dire consequences.

“The Government has created an internal consumer driven economy based on rising house prices and a retail shopping frenzy while the real economy is being strangled by the high dollar.

“Exporters are being forced to the wall and recent floods have made the situation worse.”

Mr Peters said that New Zealand was too exposed to currency fluctuations and the Reserve Bank remained obsessed with Auckland house prices and inflation.

“Let me tell the Government that New Zealand First would support any move to shelter the Kiwi dollar, at a lower level, and still leave room for serious investment here.

“We urge the Finance Minister to show some courage and get the dollar down. We would stand firmly behind him, to boost export returns in the interests of the nation.

“Economic purity has not worked in this country. It is going to bankrupt us,” warned Mr Peters.

ENDS

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