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OCR Cut Does Not Change Need For RBA Rewrite

24 July 2008

OCR Cut Does Not Change Need For RBA Rewrite


Despite providing much needed relief to home-owners and exporters, this morning’s decision by the Reserve Bank to cut the Official Cash Rate to 8 percent does not reduce the need to rewrite the Reserve Bank Act, says New Zealand First economic development spokesperson Doug Woolerton.

“Exporters in particular will welcome today’s decision which has already resulted in an immediate drop in the exchange rate, and I would hope for their sake that this is the first of many cuts,” said Mr Woolerton.

“However, the decision does not change the need for a rewrite of the fundamentally-flawed Reserve Bank Act, which sees the Reserve Bank Governor crush the export sector of the economy in the bid to reduce inflation.

“Such a policy is nothing short of economic lunacy, and it is effectively shooting ourselves in the foot. Inflation is a threat and must be addressed, but not by stifling the one sector that can lift our living standards and ensure that this country has a decent future.

“Fortunately, other parties and organisations have acknowledged New Zealand First’s long-held view that it is time to put an end to such policy madness and rewrite the Act to take into account factors such as the exchange and employment rates when setting the OCR.

“Despite words of support for the much-needed changes to the failure that is the Act, we still need to see action, and the sooner the better. Our exporters need all the help they can get,” said Mr Woolerton.

ENDS

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