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Save Our Economy by Urgently Updating Reserve Bank Act

Rt Hon Winston Peters
New Zealand First Leader
28 April 2014

Save Our Economy by Urgently Updating Reserve Bank Act

New Zealand First is calling on the Government to urgently support New Zealand First’s changes to the Reserve Bank Act to save manufacturers and exporters from the dire consequences of an overvalued dollar, says New Zealand First Leader Rt Hon Winston Peters.

“There is no time to linger on this, many of our exporters are barely hanging on by the skin of their teeth and Kiwis with mortgages are facing rising interest rates.

“New Zealand First calls on the Government to support an update to the Act which was written for an earlier era.

“Everyone, including the International Monetary Fund, is warning that the chronically overvalued dollar is eroding our economic base.

“Unfortunately, the commodities (logs and milk) boom to one market – China – is disguising the damage that is happening, but the true picture is that New Zealand is becoming more vulnerable as each day passes.

“New Zealand First wants an overhaul of the primary function of the Act which will be a win for all New Zealanders. Our two previous Bills were both defeated by only one vote, in 2012 and 2013, but as the dollar heads to US90 cents the Government must surely come to its senses and support the changes.

“Currently the Act is too focused on inflation, New Zealand First’s Bill advocates giving the Reserve Bank a mandate to pursue a balanced economic agenda to promote growth, employment and exports,” says Mr Peters.

ENDS

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