Williams Andrew: Questions for Oral Answer — Questions to Ministers Questions to MembersText is incorporated into the Bound VolumeWilliams Andrew: Questions for Oral Answer — Questions to Ministers Questions to Members[Sitting date: 06 August 2013. Volume:692;Page:12323. Text is incorporated into the Bound Volume.]15.ANDREW WILLIAMS (NZ First)to theMember in charge of the Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill (No 2): How will the Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill (No 2) help the Reserve Bank pursue a balanced macro-economic policy?Rt Hon WINSTON PETERS (Member in charge of the Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill (No 2)):I have to commend the questioner on his amazing insightful questions because they are exactly what New Zealand needs at this point in time—another very pertinent question. The Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill (No 2) would in respect of the rural parts of this country be of enormous assistance for provincial New Zealand towns. It would be of enormous assistance to a place like for example Southland—with less than 3 percent of the population and 18 percent of the exports—which would for the first time in a long time get a fair go. The bill would require the Reserve Bank to incorporate in its monetary policy the goal of achieving a stable and competitive exchange rate sympathetic to export growth. The effect of a stable and competitive exchange rate would be a more productive export sector which would increase the national income and help us earn our way out of the current economic malaise that the National Government has sunk us to.Andrew Williams: What is the outlook for New Zealand without a balanced macroeconomic policy?Mr SPEAKER: That question is not the responsibility of the member.Rt Hon Winston Peters: I raise a point of order Mr Speaker. Surely you could ask him to rephrase it so it included the Reserve Bank amendment bill and how—Mr SPEAKER: Order! The member has been here long enough and should have given some assistance earlier. The member is responsible for the bill—[Interruption ] Order! The member is responsible for the bill. If the question is worded in such a way that it addresses that responsibility I will give the member a chance to answer. But if it is not related to the bill then it will be ruled out of order.Rt Hon Winston Peters: So can he ask it with the bill in it?Mr SPEAKER: Yes.Andrew Williams: How will the Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill be impacted in terms of the New Zealand economy if it does not succeed and there is no balanced macroeconomic policy as a result?Mr SPEAKER: That is certainly a better attempt.Rt Hon WINSTON PETERS: Thank you Mr Speaker—it is a wonder what some members can do with your guidance.Mr SPEAKER: The member should not be surprised. Will he proceed now with the answer.Rt Hon WINSTON PETERS: The answer is that if we do not change it will be more of the same. It will be more of the same only worse: hundreds of manufacturing jobs being lost each week; more manufacturing closures as we see headlined every week; cutbacks and relocations offshore as we see in our news every week; more farmers sliding into economic difficulty despite being involved in what they say is the white gold of our country’s economy; every year 50000-plus going to Australia; and a worsening balance of payments crisis that sees us heading to uncharted depths as evidenced this very day by the current account deficit reaching I think 4.9 percent and heading towards 7 percent.