Parliament

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

 

Cullen on RBNZ briefing

22 November 2005

Cullen on RBNZ briefing to the incoming government

Finance Minister Michael Cullen today released the Reserve Bank’s briefing to the incoming government, saying it made sobering reading.

“The report identifies a series of imbalances in the economy: persistent high domestic demand, core inflation knocking 3 per cent, a widening balance of payments deficit, house prices that the Bank considers are reaching levels inconsistent with longer-term fundamentals and an exchange rate at near record highs in trade-weighted terms.

“The Bank repeats earlier warnings that further increases in interest rates cannot be ruled out and reinforces the need for the government to maintain a prudent fiscal stance,” Dr Cullen said.

“It is a message that I have also been promoting. Although the government accounts are in a healthy state, too great a fiscal stimulus would be debstabilising under current economic circumstances.

“Certainly large across-the-board tax cuts of the kind National campaigned on would be explosive and irresponsible in the extreme.

“That is why the manifesto Labour took into the election campaign was the most fiscally conservative of any party and why we will continue to run a prudent and consistent fiscal strategy,” Dr Cullen said.

The briefing can be accessed on:

  • http://www.rbnz.govt.nz/about/whatwedo/0122541.html
  • ENDS

    © Scoop Media

     
     
     
    Parliament Headlines | Politics Headlines | Regional Headlines


    Gordon Campbell: On Finding A Model To Replace The Monarchy


    One feels reluctant to pre-empt the verdict of history, but maybe we need to have a Plan B in mind just in case the reign of King Charles III turns out badly. With that possibility in mind, are there any other countries that do a reasonably good job of electing their ceremonial head of state? There is no perfect model for New Zealand to follow but - arguably - Ireland has made a pretty good fist of it over the past 70 years or so. Ireland has roughly the same population as New Zealand, so the pool of talent is similar in size...
    More>>



    Alastair Thompson: Are There TPLF Ethiopia Insurgency Training & Support Operations in Uganda?


    Mystery Document Alleges:
    Covert Operation has US/Egypt Support
    Operations Coordinated between South Sudan, TPLF and Uganda
    Planning began December 2021...

    More>>




     
     

    Australia-NZ Leadership Forum: Prime Minister And Ministers Attend
    Prime Minister Jacinda Ardern will lead New Zealand’s Ministerial delegation to the Australia New Zealand Leadership Forum (ANZLF) in Sydney today, following a successful trade mission... More>>

    Government: Welcomes Climate Change Commission Advice On Agricultural Pricing System
    The Government has welcomed advice from the Climate Change Commission assessing readiness in the agricultural sector for an emissions pricing system... More>>

    ALSO:

    Government: Action To Tackle Delays In Family Court
    New legislation aimed at tackling delays in the family justice system, will help improve the wellbeing of thousands of children caught up in Family Court disputes every year, Justice Minister Kiri Allan says... More>>



    Government: New Air Pollution Report Shows Importance Of Action On Emissions

    A new report released today on the health effects of air pollution shows the Government’s focus on reducing emissions will save lives... More>>


    Economy: Financial Statements Of The Government Of New Zealand
    Please note the next Financial Statements of the Government of New Zealand to be released will be for the full year ended 30 June 2022. It is anticipated that these will be released in early October 2022... More>>



    Government: New Era For Better Health In Aotearoa New Zealand

    The Government has today delivered a nationwide health system that will ensure better outcomes for all New Zealanders with the establishment of Te Whatu Ora - Health New Zealand... More>>


     
     
     
     
     
     

    LATEST HEADLINES

    • PARLIAMENT
    • POLITICS
    • REGIONAL
     
     

    InfoPages News Channels