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Former Reserve Bank Governor Sees Merit in Labour’s Policy

Former Reserve Bank Governor Sees Merit in Labour’s Monetary Policy

Former Reserve Bank Governor Dr Don Brash told TVNZ’s Q+A programme that he sees some merit in Labour’s monetary policy.

“I do see some merit in the scheme. Labour has recognised that there's a need for another instrument to get some pressure off the exchange rate and i think it's a sensible thing to do. Will it work, I'm not sure?”

But Dr Brash isn’t keen on Labour’s proposal to make KiwiSaver compulsory.

Earlier, Labour Leader David Cunliffe told Q+A the move to a compulsory savings rate of 9 percent would be slow and gradual.

“The movement into compulsory KiwiSaver and the gradual increase in the contribution rate will be very gradual, very slow, half a percent to one percent a year. We do not want to see people's real incomes going backwards.”

He says KiwiSaver would not be guaranteed by the Government:

“But people will have the choice to put them in very low or very moderate risk investments, and because this is broad based across the economy and there will be a large number of institutions involved, we think that risk will be extremely low.”

He promised the new monetary tool would benefit all New Zealanders:

“Lower income New Zealanders will benefit from having lower rents. Those who have their own homes will have lower mortgages, they’ll also have higher wages starting with an immediate increase in the minimum wage to $15 and then a second increase during our first year in government. Many will find themselves at least on the living wage across the state sector.”

You can view the full interview here.



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