Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Governor delivers verdict on Government

“The Reserve Bank’s decision to leave the Official Cash Rate at 1.75 per cent is good news for mortgagees but a long-term indictment on the Government, showing a soft private sector propped up by Government spending”, says ACT Leader David Seymour.

“Normally record low unemployment would lead to predictions of interest rate hikes, if not actual hikes. Added to that, inflation is taking off around the world and other central banks are raising interest rates. Our Reserve Bank says it ‘expects to keep the OCR at [1.75 per cent] through 2019 and into 2020.’

“Flat interest rate projections are the bank’s subtle message that this Government is slowly crashing the economy. The Bank says demand is boosted Government spending and low interest rates, but confidence is low as is new private sector investment. It is a story of Government propping up the economy but, as the saying goes, socialists always run out of other people’s money.

“Compounding the problem is the Government’s Reserve Bank Amendment Act, currently before Parliament. When conditions do soften, the Bank will have a mandate to boost short-term employment. The Government is baking in more monetary stimulus in election year, corrupting the purpose of the Bank when what we need is private sector growth.

“It didn’t have to be this way. This Government could have instilled confidence but instead chose to make abrupt and rushed regulatory decisions around oil and gas exploration and foreign investment. This Government could have practiced fiscal discipline and even offered tax relief, but instead has gone on a spree of low-quality spending on tertiary students, winter energy payments, and provincial boondoggles.

“Sooner or later, bad spending and regulatory decisions will bite this Government in the form of lower growth. The Reserve Bank is already quietly predicting it will."
ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Crowdsale And Crowdfunding Campaign: Help Create The Future Of Independent News

Two weeks to go! The Scoop 3.0 plan aims to create NZ’s first community-owned, distributed news and media intelligence ecosystem in 2019. We believe this ScoopPro media monetisation approach can be scaled and spread globally to support local and independent news efforts in regional New Zealand and around the world.

Scoop is an ecosystem, it would not exist without those who contribute to it, read it and rely on it for professional media purposes. Generous past support from this ecosystem has enabled us to come this far in developing our business model. Support our PledgeMe Campaign>>

 

14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>

ALSO:

Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>

ALSO:

Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>

ALSO:

Two Years Since Kaikoura: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>

ALSO:

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels