Reserve Bank Again Fails Exporters

New Zealand First says the Reserve Bank’s decision to maintain the Official Cash Rate is a victory for the effects of excessive immigration against the needs of exporters.

Leader Rt Hon Winston Peters had called on the Reserve Bank Governor to cut the cash rate below five percent because of the kiwi dollar continuing to climb well over 60 US cents.

“Instead, the bank is maintaining high interest levels because of the pressure on the housing market caused by excessive immigration.

“In short, the Government’s stupid repopulation policy is crippling exporters who have repeatedly warned that the high dollar is hurting their efforts to compete on world markets.

“The Prime Minister is continually raving on about free trade deals but at the same time her policies are crippling the exporters who create wealth for New Zealand.”

Mr Peters said the housing boom was creating a false picture of the economy, which was stagnant and he warned the country was suffering from deteriorating trade conditions.

“It is time for Labour to stop its social and constitutional manipulations and concentrate on the real needs of New Zealand. We are on a train heading for Third World status and the Government is simply adding more steam to the engine.”

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