Reining in the RBNZ
Blame for New Zealand’s inflationary spiral sits squarely with the Reserve Bank (RBNZ), it says.
Excessive money-printing, conflicting goals, grandiose aspirations and distractions, and a lack of core expertise have all contributed to the monetary policy failure, the Initiative says in its Prescription for Prosperity briefing paper aimed at the incoming government after the 14 October election.
The paper says the RBNZ has fuelled inflation through its excessive monetary policy responses to Covid-19, resulting in massive losses to taxpayers, a house price whiplash, and a cost-of-living crisis – harming everybody.
As well, the Initiative says RBNZ Governor Adrian Orr’s forays into non-monetary areas such as climate change policy have heightened concerns about the bank’s focus and capabilities.
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