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

 


Reserve Bank Act Dinosaur Must Go

Reserve Bank Act Dinosaur Must Go

The Reserve Bank’s decision to lift the official cash rate today brings into focus the urgent need to update the Reserve Bank Act, now something of a dinosaur, says New Zealand First.

“New Zealand is $150 billion in debt so there is a dire need to rebalance,” says Leader Rt Hon Winston Peters.

“As a proportion of gross domestic product that is among the highest in the OECD.

“There is no magic wand or silver bullet in relation to economic policy but there is sensible prudent and practical action to deal with the new reality of a changed economic era.

“New Zealand First would give the bank the power to set monetary policy in a way that achieves a broad range of economic objectives, including employment, exports and price stability.

“A chronically overvalued dollar is doing all sorts of short and long-term damage to the export sector – but that is disguised to some extent by our terms of trade being at a 40-year high.

“The world is in a new economic era but New Zealand is locked into a Reserve Bank Act that has passed its use-by date. The Act inhibits new ideas and new thinking on managing our exchange rate.

“New Zealand First has consistently proposed changes to the Reserve Bank Act.
“We introduced a Reserve Bank Amendment Bill in 2012 and again in 2013, that was only narrowly defeated,” says Mr Peters.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Kim Regime

During the Cuban Missile Crisis, the US had a very clear objective and eventually offered a quid pro quo of the removal of some of its own missiles from Turkey. This time, there’s no clarity about what the US is seeking, or offering.

It hasn’t helped that the US and the global media consistently agree on calling North Korea and its leadership “crazy” and “irrational” and urging it to “come to its senses”. When you treat your opponent as being beyond reason, it gets hard to comprehend what their strategy is, let alone work out the terms of a viable compromise. More>>

 

Recovery: Economic Impact Of Kaikōura Quake Revealed

The report details the impact on small businesses and tourism caused by disruptions to transport infrastructure and the economic impacts... The impact on New Zealand’s Gross Domestic Product (GDP) over the first 18 months following the earthquake has been estimated at $450-$500 million. More>>

ALSO:

Human Rights Commission: Urgent Need For Action On Seclusion And Restraint

Chief Human Rights Commissioner David Rutherford says that while the report makes for sobering reading, the focus should now be on how the recommendations can be used to reduce the occurrence of seclusion and restraint in New Zealand and, in circumstances where it is necessary, to improve practices. More>>

ALSO:

CORRECTIONS (March 2017):

SCHOOL SECLUSION ROOMS (2016):

$11bn Capital Spend, New Debt Target: Steven Joyce On Budget Priorities

First, delivering better public services for a growing country – providing all New Zealanders with the opportunity to lead successful independent lives... And finally, we remain committed to reducing the tax burden and in particular the impact of marginal tax rates on lower and middle income earners, when we have the room to do so. More>>

ALSO:

JustSpeak Report: Bail Changes To Blame For New Billion Dollar Prison

In 2013 criminal justice spending was falling and the Government was mulling over what to spend the money on. 3 years later there are 10,000 people in prison and a new billion dollar prison is announced. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news