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


Doctors' Fatal Prescription

Media Release
2 October 2003

Doctors' Fatal Prescription

New Zealand First is calling on Doctors Bollard and Cullen to administer some first aid to the New Zealand economy by helping exporters with a lower exchange rate.

“The Official Cash Rate is too high because of the immigration-inspired over-stimulation of the housing market. The Reserve Bank must give greater weighting to the three ‘Es’: exports, employment, and economic growth and cut the rate now,” said New Zealand First leader, Winston Peters.

“As the Kiwi dollar rises our exporters’ prospects diminish. This combination of high interest and exchange rates is a fatal prescription for a country aiming to drag itself back into the first world.

“The Finance Minister also needs to be less selective in his measurement of the economy’s performance. While congratulating himself on a high tax take and an internal surplus Dr Cullen needs to pay greater heed to a current account deficit approaching $6b, quarterly growth of 0.2%, and alarming foreign debt equal to 80% of GDP,” said Mr. Peters.

“First home buyers can’t afford overpriced houses and exporters are facing disadvantageous terms of trade because of overvalued exchange rates and high interest rates. The economic doctors need to alter their policy prescriptions in support of farmers, manufacturers and other exporters.

“New Zealand is a trading nation – not a transit camp for migrants,” said Mr Peters.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Labour Refusing To Lead A Progressive Drugs Policy

Once again, Labour has chosen not to use (a) its parliamentary majority and (b) the huge mandate it was given at the last election in order to (c) bring about progressive social change. Once again, Labour seems to regard its main purpose for being in power as being to keep National and Act out of power. Will Labour for instance, overhaul our out-dated, unsafe, and unjust laws on drugs? No, it will not... More>>


Agriculture: Government To Phase Out Live Exports By Sea

The Government has announced that the export of livestock by sea will cease following a transition period of up to two years, said Agriculture Minister Damien O’Connor. “At the heart of our decision is upholding New Zealand’s reputation for high ... More>>


Norman Gemmell: New Zealand’s New Housing Policy Is Really Just A New Tax Package — And It’s A Shambles

Norman Gemmell , Te Herenga Waka — Victoria University of Wellington Economists like to talk about “optimal policy instruments” — essentially, policies that achieve their objectives more effectively or efficiently than the alternatives, and ... More>>

Climate Change: Emissions Report Shows Urgent Action Needed

Every part of Government will need to take urgent action to bring down emissions, the Minister for Climate Change, James Shaw said today in response to the recent rise in New Zealand’s greenhouse emissions. The latest annual inventory of New ... More>>


Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>

Police: Police Accept Findings Of IPCA Report Into Photographs Taken At Checkpoint

Police accept the findings of a report by the Independent Police Conduct Authority (IPCA) relating to photographs taken at a checkpoint in Northland. On November 16, 2019, Police set up a checkpoint down the road from a fight night event in Ruakaka ... More>>


Health: Drug-Testing Law To Be Made Permanent

Interim legislation that is already proving to keep people safer from drugs will be made permanent, Health Minister Andrew Little says. More>>




InfoPages News Channels