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For'gn policy in US, bank regulation in Australia?

Hon Dr Michael Cullen
Minister of Finance

8 August 2005 Media Statement

Foreign policy in US, bank regulation in Australia?

Finance Minister Michael Cullen today challenged the National Party to state its position on trans-Tasman banking regulation.

“John Key is on record as supporting the role being removed from the New Zealand Reserve Bank and entrusted to the Australian Prudential Regulation Authority.

“That is at least consistent with National’s general lack of leadership. After all, if they are happy to have New Zealand’s foreign policy written in Washington, why would they baulk at having responsibility for bank supervision expatriated to Australia?

“But it would be a big step for Don Brash as a former Reserve Bank Governor to
strip the bank of this important function.

“Given the importance of this issue to workers in the financial sector, I urge National to clear up the confusion and give a firm statement of their intentions,” Dr Cullen said.

ENDS

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