Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Parties Should Support RBNZ Amendment Bill

Parties Should Support RBNZ Amendment Bill To Select Committee – 23 August

The New Zealand Manufacturers and Exporters Association (NZMEA) is encouraging political parties to support the RBNZ Amendment Bill to the select committee stage. The Bill proposes changing the wording on the primary function of the Reserve Bank

This is the proposed wording:
“The primary function of the Bank is to formulate and implement monetary policy directed to the economic objective of maintaining stability in the general level of prices while maintaining an exchange rate that is conducive to real export growth and job creation.”

NZMEA Chief Executive John Walley says, “Across the political spectrum we have agreement that the New Zealand Dollar is too high and volatile. Supporting this Bill through to the select committee stage will create open debate on the issue and perhaps some action will follow. The world is a different place today than it was in 2007 when monetary policy was last reviewed.”

“The changes to the Reserve Bank Act need to be debated - what are the targets, what are the mechanisms, how will the decisions be made, who will make those decisions and how will the Reserve Bank board be constituted. All political parties should support the Bill through to a select committee phase and front up to the arguments. What we have at the moment is not working.”

“A number of central banks around the world have taken action to prevent the overvaluation of their currency so there is now plenty of international evidence to call on. The United States Federal Reserve has just announced it is likely to have another round of quantitative easing, Canada has introduced loan to value ratios to prevent demand for household debt from pushing up their currency and Switzerland has been intervening for over a year to lower the value of their currency.”

“Lowering the exchange rate is the precursor to balancing the economy through export growth. Openly exploring options on how to achieve this has to start somewhere.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>



Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>


Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>



ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>