MEDIA STATEMENT
Tuesday 1st October 2013

New house deposit rules a travesty for low income whanau

The Maori Party say that the Reserve Bank’s new rules on house deposits which came into force today discriminates against low and medium income earners trying to buy their first home and are another example of economic policy with disastrous social impacts on whanau and communities.

“The Reserve Bank must reverse this policy.”

“Housing affordability was a major issue yesterday, today it just got worse.”

“The new rules imposed by the Reserve Bank put home ownership further out of reach for many whanau, and in our view will contribute to a growing gap between rich and poor.”

“The cost of living has been steadily increasing over the last few years. Many people are struggling to survive, and those who have managed to save money for a deposit have just had their dreams ripped away from their reach.”

“We ask one simple question of every policy decision we make. How does this policy impact on whanau ora? The new rules not only fail our test of good policy, they hit home to us the social costs of allowing the GDP to drive the development of our nation.”

“If we want to see genuine progress in our nation, then we need to measure social, cultural and environmental costs and benefits of development, and reprioritise what’s important. Economic interests should not ignore whanau wellbeing, or social good.”

“The fact that the Reserve Bank has the power to deliver a policy that will adversely affect the health, education prospects, security and resilience of whanau is a disgrace. What does that say about our nation?”

“It’s not good enough. The Reserve Bank should reverse its decision, and all state departments should be looking at models such as Whanau Ora and the Genuine Progress Index to drive decision making.”

ENDS

© Scoop Media

Trial Over 'Anonymous' Donations: John Banks Resigns As Minister

ACT Leader John Banks today confirmed that he has stood down from his Ministerial positions following today’s decision at the Auckland District Court.

“Last week I indicated to the Prime Minister’s Chief of Staff that I would offer my resignation should the matter relating to my 2010 Mayoral Electoral return be committed to trial,” Mr Banks said...

“I intend to continue in my role as ACT Leader and MP for Epsom, and ACT will continue to support National on matters of confidence and supply. More>>