Motions — Reserve Bank Funding Agreement—Ratification

On behalf of New Zealand First, I want to speak briefly to this funding agreement entered into by the Minister of Finance and the Governor of the Reserve Bank pursuant to section 159 of the Reserve Bank of New Zealand Act 1989. I note that this is not the only agreement between the Minister of Finance and the Governor of the Reserve Bank. I note that the policy targets agreement is also a major agreement between the two parties. New Zealand First will address the policy targets agreement when the opportunity arises.

The funding agreement, the subject of today’s debate, is something of concern to New Zealand First, although we will support this motion.

💬 Clayton Cosgrove: Are you sure about that?

We do, absolutely. We see the importance of supporting our Reserve Bank. But I want to express our concern at the amount of money being appropriated—$34 million, commencing in July 2006, and then $43 million in 2009. The amount of money being appropriated to the Reserve Bank also represents the increasing amount of money that is going into our bureaucracy. New Zealand First is the only party that is willing to put its money where its mouth is on this issue. We are the only party that has a policy to reduce the number of MPs to 99. The people of New Zealand resoundingly want a reduction in the number of MPs, and we are the only party that is supportive of that wish. National is screaming and saying that too much money is going into agreements like this one. But New Zealand First is the only party that is willing to say no to having 120 MPs. It represents the fact that when we have a concern about the amount of funding going into agreements such as this one, we really mean it when we say we will address those issues.

In closing, New Zealand First supports the Reserve Bank of New Zealand Act funding agreement, because we see the need to have a thriving, strong, transparent Reserve Bank. But, like I said, there are issues that New Zealand First will address when given that opportunity. We support this motion.

Motion agreed to.