11 November 2005

Key should put away the politics

Finance Minister Michael Cullen today expressed his disappointment that John Key had become just another National Party hack reacting to every event with hysterically silly accusations.

“Unfortunately, after a promising start, Mr Key has taken on National’s usual low standards and become the Tony Ryall of the finance portfolio – no silliness is beneath him, no claims too absurd to make.

“All that I have done is to ask for a report from Treasury and the Reserve Bank on possible instruments the Bank could use to underpin the effectiveness of the interest rate mechanism to slow down or stimulate the economy in order to keep inflation within the target band – no more, no less.

“An intelligent finance spokesperson who was ready for the real job would be interested in such analysis because clearly there are issues of concern about the effectiveness of the interest rate mechanism.

“Instead we are subject to a barrage of adolescent scaremongering posing as fact. Mr Key needs to remind himself that only one current New Zealand politician of note has consistently supported a capital gains tax on housing and consistently argued that New Zealanders are too intent on owning their own home. That man is Don Brash.

“If I were being as silly as Mr Key, I would be suggesting that this was just another attempt to undermine Dr Brash. In fact, of course, Mr Key has no advice from him and has had no conversation with the Reserve Bank around the issues,” Dr Cullen said.

“Labour took a more fiscally responsible policy manifesto into the election than any other party and can be relied upon in government to continue to run a prudent fiscal strategy supported by a lighthanded regulatory regime and policies to encourage growth.

“One of the key elements of Labour’s policy platform was the KiwiSaver scheme designed to help New Zealanders into their own home,” he said

ENDS

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