02 August 2007

NZX Chief Echoes NZ First Call For Reserve Bank Act Re-Write

New Zealand First is welcoming comments made by NZX Chief Executive, Mark Weldon, calling for a move away from the present approach to monetary policy which strictly targets a narrow inflation figure.

“While New Zealand First has been arguing for some time that our monetary policy is outdated, narrowly focussed, and jeopardises our economic growth, it seems to have fallen on deaf ears,” said Economic Development spokesperson, Doug Woolerton.

“Mr Weldon’s comments will hopefully urge the parties in Parliament to put petty politicking aside and seriously consider New Zealand First’s proposal to re-write the Reserve Bank Act.

“Seeking a broader, more balanced goal of price stability and economic growth is exactly what our economy needs. Given the export sector is the primary driver of our economy, a more balanced approach taking into account their needs is absolutely essential.

“It is time for every political party to accept that the current monetary policy framework is not delivering the desired results. We need this issue addressed sooner rather than later as many of our exporters are at the brink of relocating overseas or collapsing,” said Mr Woolerton.

ENDS

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