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Parker in Wonderland wishes impossible things at breakfast

Parker in Wonderland wishes impossible things at breakfast

Press Release: ACT New Zealand
April 29, 2014, 12:20pm

“By announcing that they will meddle in monetary policy, Labour have broken a 25 year consensus that even Helen Clark did not threaten," said ACT leader Jamie Whyte.

“The proposal is unworkable, economically and politically. Asking the Reserve Bank to pursue conflicting objectives threatens the stability of the New Zealand economy.

“Economically, monetary policy can target stable prices, or some other objective. Loosening monetary policy to improve the current account deficit directly contradicts the goal of tightening it to control inflation. Mr Parker needs to explain which is more important because he can’t have it both ways.

“Politically, the Reserve Bank would be asking the government of the day to effectively raise taxes. Increased Kiwisaver contributions could take thousands of dollars per year out of family budgets. This is politically naïve.

“By trying to move the value of the dollar, the Reserve Bank will add its own element of currency instability and invite counter speculation by currency traders and hedge funds. It is a dangerous game for a small central bank to play.

“The only thing that truly matters in the New Zealand economy, like any other, is productivity growth.

"Meddling with the money supply is not only a distraction from the real goal, it will add instability and make this higher productivity and higher living standards more difficult to achieve.”

ENDS

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