Rt Hon Winston Peters
New Zealand First Leader
31 January 2013

National’s Monetary Policy Is Inflicting Unnecessary Hardship

New Zealand First knows it. Manufacturers and exporters know it. And today the Reserve Bank confirmed it – our seriously overvalued dollar is damaging the economy.

The Reserve Bank said the New Zealand dollar was “over-valued” and was undermining the export sector on which our economy is dependent.

Rt Hon Winston Peters says it is time the Government took action and gave the Reserve Bank the tools to tackle the over-valued dollar.

“National has made an art form of sitting by and doing nothing about our seriously over-valued dollar.

“Prime Minister John Key and Finance Minister Bill English have their heads in the sand if they believe the Reserve Bank should focus its monetary policy solely on inflation.

“Inflation isn’t a problem in New Zealand and hasn’t been for years, unlike our over-valued dollar which is seriously hurting manufacturers, exporters, and regional economies.

“The over-valued dollar is also contributing to unemployment as manufacturing businesses become uneconomic and shut down, or relocate overseas.

“Just how much hardship must be inflicted upon ordinary New Zealanders before this pathetic Government takes action?” says Mr Peters.

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