Winston Peters dismisses 'irresponsible capitalism' of other parties with new economic policy

NZ First leader Winston Peters says you only need to look to the growth Australia had during the 1980s when New Zealand ...
JOHN HAWKINS/STUFF

NZ First leader Winston Peters says you only need to look to the growth Australia had during the 1980s when New Zealand adopted its neo-liberal policy approach to see it's a "failed experiment''.

Winston Peters is positioning NZ First as the party of difference and says his policy announcements today will steer away from the "irresponsible capitalism" that every other political party is selling.

The neo-liberal policy adopted by New Zealand politicians in the 1980s is a "failed economic experiment".

"We want to confront what's going on and set it right," Peters said.

"I look at Parliament today and the National party, the Labour party and now the Greens are all accepting of that with a little bit of tweaking. That is astonishing, particularly in the case of the Greens - they've done it to try and look respectable - it's totally disrespectable economic policy."

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The Reserve Bank Act is a good example of why the other parties are identical, he said.

"They're talking about tweaking the Reserve Bank Act, I'm not. This idea that you're going to set up this wholly independent organisation that's not answerable in any way politically to anyone at all, which they're not, unlike the Reserve Bank of England - it's responsible for reporting to the Chancellor of the Exchequer - in New Zealand, nothing at all."

Another "blunt example" was applying a loans-to-value ratio, also known as "doubling deposit requirements on a house" across the whole country to deal with a housing crisis in Auckland.

It's "crude" because people living in Invercargill have to bear the brunt as well when there's no housing crisis there, Peters said.

At the time New Zealand headed down that economic route of neo-liberalism "Australia grew 38 per cent larger in real terms than we did".

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"That's all you need to know about whether this is a sound economic policy or not," he said.

 - Sunday Star Times

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