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Reserve Bank – Same Direction

Media Release
17 March 2004

Reserve Bank – Same Direction

New Zealand First MP Craig McNair today questioned the Governor of the Reserve Bank during a hearing of evidence of his Budget Policy Statement to the Finance and Expenditure Select Committee.

Mr McNair asked, “from looking at the experiences of other successful economies, do you believe that a move away from such a strong focus on inflation and concentrating more on the needs of the export sector would be a positive move? The Governors response which indicated that he would continue on the same track embarked on by the now National leader Don Brash and continue to be obsessed with its myopic focus on inflation, was a disappointment”, said Mr McNair, ‘and serves as an indicator of the continuing adherence to past failed policies’, suggested Mr McNair.

“While New Zealand First welcomes such moves as the Reserve Banks request for more power to influence the value of the New Zealand dollar, we must also note that interest rates are still too high and should be brought down to reduce the value of the New Zealand dollar and increase returns to exporters”, Mr McNair concluded.

ENDS

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