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All New Zealanders Will Win with Our Reserve Bank Overhaul

Rt Hon Winston Peters
New Zealand First Leader
13 September 2012

All New Zealanders Will Win with Our Reserve Bank Overhaul

New Zealanders will have an economically safer, more prosperous future if rules governing the Reserve Bank are amended, says a new independent economic report.

New Zealand First leader Rt Hon Winston Peters says the Business and Economic Research Ltd (BERL) report is clear about the benefits of the Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill.

“BERL clearly states that our Private Members Bill, which would give our dollar its true value, will make lives better for New Zealand workers by increasing incomes and assisting business growth.”

Mr Peters says the report also states that the Bill would make housing more affordable and eliminate a big economic risk.

“We are a small economy which attracts ‘hot money’ from foreign investors which pumps up our interest rates. Our Bill would largely eliminate the environment which allows this to flourish.”

Mr Peter says retaining the existing Reserve Bank rules will see the continuation of firms going bust and higher unemployment.

“The status quo has resulted in the loss of 20,000 manufacturing jobs since 2008 and is estimated to have resulted in the loss of export profits of more than $10 billion over the past three and a half years.

“Our Bill will stimulate growth, create jobs and lead to higher incomes.

“Sitting around and wringing our hands as the dollar soars way above New Zealand’s economic fundamentals is not a sound option, ”says Mr Peters.


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