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


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Gordon Campbell: On Plastic Bag Activism, And Street Harassment

Amusing to see the Act Party experiencing another outbreak of young fogey-ism. What has aroused the ire of Act Leader David Seymour this time is the introduction of a Greens private members bill to the ballot process, calling for a 15 cents levy on plastic bags to reduce pollution. More>>


Unclear Weapons: US Navy Ship Cleared To Visit NZ For Navy's 75th

United States Navy ship, the USS Sampson, has been given clearance to visit New Zealand next month by Prime Minister John Key... “The process for considering the visit by the USS Sampson is the same as that used for all ships attending the International Naval Review." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news