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

 


Reserve Bank Amendment Bill Back In The Mix

Rt Hon Winston Peters
New Zealand First Leader
7 February 2013

Reserve Bank Amendment Bill Back In The Mix

New Zealand First says predictions that our seriously over-valued dollar will reach US90 cents is further cause for an urgent overhaul of the Reserve Bank Act (RBA).

Rt Hon Winston Peters has resubmitted into the Member’s Ballot the Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill (No 2) to expand the Bank’s focus.

“Our seriously over-valued dollar is doing all sorts of short and long term damage to our economy.

“One of the latest examples in a long list is the closure of Summit Wool Spinners in Oamaru with the loss of 192 jobs.”

Mr Peters says the current RBA inhibits new ideas on managing the exchange rate.

“Our Bill is not prescriptive – it gives the Bank the scope, the flexibility and the freedom to explore new ways of achieving a realistic exchange rate.

“Central banks internationally are changing their rules, locking the world into a new economic era.

“But New Zealand is reliant on a model which focuses solely on the rate of inflation which hasn’t been a problem for years. The RBA is well past its use by date.”

Mr Peters says the original Bill last year missed by just one vote in Parliament to go to the Select Committee stage.

“That indicates a large measure of support exists among parliamentarians. That comes as no surprise given that the Government offers no initiatives or ideas about how to tackle the high Kiwi dollar.”

nzfirst.org.nz | twitter.com/winstonpeters | facebook.com/winstonpeters

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

No Charges: Outcome
Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area.

Following a lengthy and complex investigation, charges are not being laid by Police at this time regarding 8 incidents involving 7 victims and 5 suspects. More>>

 

Parliament Today:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Gordon Campbell: On The Tokenism Of New Zealand's Role Against Islamic State

Our contribution against IS will be to send SAS forces to train the Iraqis? That’s like offering trainers to General Custer just as the 7th cavalry reached the Little Big Horn. More>>

ALSO:

Scoop Business: Shell And Todd Caught Drilling Without Approval

Multi-national oil company Shell’s New Zealand arm and local energy giant Todd Energy have breached the new law governing New Zealand’s Exclusive Economic Zone, the Environmental Protection Authority says in an Oct. 10 document released by the Green Party. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news