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DSC supports LGNZ call for Risk Agency

DSC supports LGNZ call for Risk Agency

Democrats for Social Credit Party leader Stephnie de Ruyter applauds Local Govt NZ’s timely call for a joint approach to managing risk and resilience, based on a constructive, collaborative approach between central and local government.

The DSC supports the proposal to establish a Local Government Risk Agency but with one important qualification: that all funding allocations from Agency to local authorities must come from credit issued by the Reserve Bank, not from money created out of thin air and bought at interest from private banks and overseas financiers.

“The cost of adapting to threats to our natural and built up environment from earthquakes, floods, fires, rising sea levels, and other natural hazards shouldn't be the sole responsibility of local bodies and their rate payers. The government must play its part too.”

Previous New Zealand Governments have used Reserve Bank credit facilities successfully to fund such things as essential infrastructure, housing, and cash flow support to the dairy farmers via the New Zealand Dairy Board. And there were no special written application procedures required, just the political will of the government of the day.

“There is no reason, except prejudice, why the government can’t spend or lend money directly into circulation at a reasonable charge or minimal cost. Low-cost credit is essential for the maintenance of dynamic local economies. And it’s critical for cash-strapped local authorities facing unprecedented risks to their communities and local economies.”

The use of Reserve Bank credit is a very efficient and cost effective means of providing the necessary funding to increase local capacity to address potential risk from hazardous events.

It’s also a much cheaper way to fund new local authority infrastructure, and is a sensible mechanism to refinance the expensive debt issued by other inefficient sources.

The DSC challenges Local Govt NZ to deliver on its vision for a prosperous and vibrant New Zealand by including a Reserve Bank funding proposal in its election manifesto.

ENDS

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