New Zealand’s main opposition National Party would quickly remove the central bank’s dual mandate and return it to a sole focus on inflation if it wins the October election.
The party wants to show that it’s serious about eradicating excess inflation from the New Zealand economy, finance spokesperson Nicola Willis said in an interview with Bloomberg News Thursday in Wellington.
National, which is leading in opinion polls ahead of the Oct. 14 vote, has accused Labour of “economic mismanagement” and blamed it for fueling “rampant inflation,” which is currently running at 6%. “We want to build confidence that the Reserve Bank will be focused on that inflation mandate,” she said. “We don’t see it as something novel. We see it just as a return to what was the position prior to the current government.”Willis also said that a National-led government would “quickly commission” an independent review of the RBNZ’s monetary policy response to the Covid-19 pandemic.
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