The Taxpayers’ Union is calling out spin over the Reserve Bank’s newly signed five-year funding agreement, warning that despite talk of “funding reductions”, the deal still locks in a major increase compared to the previous period.

Taxpayers’ Union spokesman James Ross said:

“Slapping the Reserve Bank’s ludicrous $1 billion funding request down to $775.6 million isn’t restraint — it’s just stopping them coming back for seconds.”

“$775.6 million is 21% higher than the last five-year agreement back in 2020, and 139% higher than the one before that in 2015. Costs are still skyrocketing.”

“Headcount has exploded by 2.5 times since 2018, and yet the Reserve Bank still managed to fuel New Zealand’s worst economic downturn in thirty years. Too many cooks have clearly spoiled the broth.”

Ross says the funding boost is a bad omen ahead of the upcoming 2025 Budget.

“If this is the kind of ‘restraint’ the Finance Minister is banking on for the Budget next month, New Zealand is in serious trouble.”

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