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Members Bill Would Provide Fonterra with Economic Cream

Rt Hon Winston Peters
New Zealand First Leader

28 August 2012

Members Bill Would Provide Fonterra with Economic Cream

New Zealand First says its Private Members Bill to change Reserve Bank rules would provide big benefits to exporters like Fonterra who today announced a $500 million cut to its payout for this dairy season.

Rt Hon Winston Peters says Fonterra blamed the continuing strength of the Kiwi dollar for the cut.

“That comes as no surprise as many economic experts agree that the New Zealand dollar is overvalued by at least 20 per cent.

“Our Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill would expand the Bank’s focus from keeping the annual rate of inflation between one and three per cent.

“It would provide the Reserve Bank with the flexibility it needs to promote not just our struggling exporters, but also economic growth and employment.

“The time to address the fundamentals our export dependent economy relies on is well overdue. Our Bill would do just that,” says Mr Peters.


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