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United Future on support for ANZAC dollar
Monday, 23rd April 2007
United Future on support for ANZAC dollar
In view of the news that a UMR poll reveals 49% of New Zealanders favour an ANZAC dollar, United Future finance spokesperson Gordon Copeland today reiterated his party's support for examining the benefits of a currency union with Australia.
"New Zealand is the smallest country in the world which maintains its own separate currency," said Mr Copeland. "However I believe that the point has now been reached where this is negatively impacting on the New Zealand economy.
"Inflation in Australia is actually lower than it is in New Zealand but nevertheless our official cash rate is now 1.25% higher than that of Australia.
"This encourages both overseas investors and speculators to buy up New Zealand dollars which in turn has taken the value of the New Zealand dollar to record highs which is crippling our manufacturing and agricultural exporters.
"We need to find a way of breaking this cycle and a currency union with Australia should be explored."
Mr Copeland emphasised however that New Zealand should retain its own distinctive notes and coins.
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