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

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system.

To all intents and purposes, access by New Zealanders to the Privy Council has now been closed. Yet the number of times in recent years when the Privy Council has quashed the findings of New Zealand courts has demonstrated that we are regularly
(a) jailing the wrong person or
(b) arriving at guilty verdicts on grounds sufficiently flawed as to raise serious doubts that a miscarriage of justice has occurred. More>>

 

PARLIAMENT TODAY:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news