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


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.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>




Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>


Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>


Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>


Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>


Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>


(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>






Featured InfoPages

Opening the Election