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

 

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news