There Must be Accountability for a Reserve Bank Failing to Do its Job

Responding to the Reserve Bank of New Zealand’s decision to freeze the Official Cash Rate (OCR) at 5.5%, Taxpayers’ Union Policy Adviser, James Ross, said:

“Times are tough for Kiwi families, and that’s not going to change anytime soon. With the Reserve Bank still failing to hold inflation to anything close to its target range, interest rates are expected to remain punishingly high until August 2024 or beyond.

“More needs to be done and faster to tackle New Zealand’s unshakable inflation problem, which has been fuelled by runaway Government spending for far too long. If the incoming Government is as serious about helping struggling Kiwis as their election adverts had you believe, then they can't just pay lip service to stamping out the waste in Wellington.

“Labour’s RBNZ experiments have failed, and a return to a reserve bank focussed solely on tackling inflation cannot come soon enough. But there must also be a return to accountability at the top.

“A Governor who has failed to hit the target range for 29 months in a row cannot be allowed to hide behind his lackeys anymore; the Monetary Policy Committee must be next on the chopping block."