“The Reserve Bank of New Zealand (RBNZ) has strayed so far from its purpose that it’s now spending millions of taxpayers’ dollars on a new website amidst a cost of living crisis,” says ACT Leader David Seymour.

“Written Parliamentary Questions from ACT have revealed more than $6 million was spent on creating a new website for the Reserve Bank.

“With inflation at a 32-year high and the Governor himself having to hike interest rates to 3 per cent, thanks in part to a government spending spree, it seems unbelievable he would sign off on such an exorbitant sum to develop a new website.

“As if we needed another reason for the RBNZ to get back to basics and focus solely on monetary policy. In the middle of a cost of living crisis Adrian Orr thinks it is appropriate to spend millions on new websites. If it were not so serious, it would be quite amusing.

“With inflation piling pressure on Kiwis from all angles, we cannot afford this kind of wasteful spending. He should know this better than anyone.

“As released in our cost of living document, ACT says we need to get the Reserve Bank back on track and solely focussed on real targets.

“ACT would restore monetary policy credibility to the Reserve Bank by returning its mandate to solely taming inflation, allowing the appointment of monetary policy experts from New Zealand and abroad, and applying stricter scrutiny in future before granting Crown indemnities.

“Reserve Bank Governor Adrian Orr has long said that “monetary policy needs friends.” He should take his own advice and restrain his department from carrying out such wasteful spending.”

The Written Parliamentary Questions can be found here and here.

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