INDEPENDENT NEWS

No Need For Cash Rate Rise – Peters

Published: Wed 17 Nov 1999 02:25 PM
Profiteering, price gouging and do-nothing Government policies are the cause of the Reserve Bank lifting the official cash rate this morning, according to the New Zealand First Leader, Rt Hon Winston Peters.
The Reserve Bank has just announced it will increase the official cash rate by half-a-percent to five-percent.
Mr Peters said that the Government should have regulated against :
 Telecom’s price gouging – which returned shareholders a massive 42 per cent last year;
 Petrol price gouging by oil companies – which cost motorists an extra 3 cents a litre this week;
 Overseas owned banks making huge profits (22 per cent) through exorbitant charges ;
 Retail power pricing which pushed up electricity charges in the midst of winter.
Mr Peters said if these regulations had been imposed there would have been no need for the Reserve Bank to increase cash rates.
“This is also why the Reserve Bank Act needs to be changed to stop it being obsessed with inflation, and to start it being employment and export friendly.
“We cannot have the Governor continually choking the economy which is already on its knees with huge balance of payments problems,” he said.
Ends

Next in New Zealand politics

Bill to allow licensed premises to stay open for RWC matches
By: New Zealand Government
KiwiBuild programme losing another top boss
By: RNZ
Helping our cities grow up and out
By: New Zealand Government
Ngāpuhi elder 'shocked' by conditions at Ngawha Prison
By: RNZ
Independent election policy costing unit a step closer
By: New Zealand Government
Primary and intermediate principals vote to accept new offer
By: NZEI
Breach of 'journalistic privilege' during unlawful search
By: Independent Police Conduct Authority
BSA releases decisions on coverage of mosque attacks
By: Broadcasting Standards Authority
PM's Post-Cab 19/8/19: Bad Mail
By: The Scoop Team
Details matter for RWC licensing
By: New Zealand National Party
Government adopts ACT's Rugby World Cup legislation
By: ACT New Zealand
Government can give Kiwis a fair go on Rugby World Cup
By: ACT New Zealand
Bill to open bars to World Rugby Cup viewers welcomed
By: Clubs New Zealand
New Bill could allow fans to watch Rugby World Cup matches
By: Hospitality New Zealand
Govt tells big cities: grow up and out
By: BusinessDesk
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media