Rt Hon Winston Peters

New Zealand First Leader

Member of Parliament for Northland
7 JULY 2016

Reserve Bank Weak In Not Hitting Back At PM

The Reserve Bank is being heavied by a Prime Minister who has stepped way out of line, says New Zealand First Leader and Northland MP Rt Hon Winston Peters.

“The bank is demonstrating its weakness in not striking back and asserting its position as an independent entity.

“It should have already strongly rebuked the Prime Minister for intervening in matters that are for the bank to determine, especially at the time of a housing crisis that is spreading across the country.

“Not one of the proponents of the Reserve Bank’s independence has had the integrity or courage to say the Prime Minister’s fog horn intervention is wrong.

“The Reserve Bank should, and can, criticise the government of the day. If it does not then it can no longer claim to be independent.

“The people of New Zealand must be able to rely on this, and do not expect political interference.

“If any previous Finance Minister or Prime Minister had made such comments challenging the independence of the Reserve Bank they would have been harshly criticised by the media.

“So why are they not doing the same with Mr Key’s statements, which are designed to shift the blame on the lack of action on the housing crisis to yet another culprit – local bodies, parliamentary opposition, and now it’s the Reserve Bank’s fault?”

ENDS

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