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Reserve Bank should abandon the PC BS and stay in its lane

11 MARCH 2019


The Reserve Bank should focus on monetary policy and prudential supervision, rather than hiring a Maori Cultural Capability Advisor, says the New Zealand Taxpayers’ Union.

Taxpayers’ Union Executive Director Jordan Williams says “The Reserve Bank has a specific and exclusive job of managing the health of New Zealand’s monetary system. For the sake of New Zealand’s economy, it is important that the Reserve Bank takes this job very seriously and invest its limited resources effectively. There is simply no need for the Reserve Bank to have a cultural capability team.”

The Reserve Bank Governor’s regular description of the Reserve Bank as Tane Mahuta – a Maori Tree God – is now a punchline in Wellington and in the business media. The Bank’s doubling-down on expensive feel-good PC box-ticking puts the Reserve Bank’s reputation even more at risk.”

“Teaching Bank economists about Tane Mahuta when the Bank’s reputation is following that of The Treasury is a waste of money. The Bank should stick to its knitting.”

ENDS


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