16 Aug 2012

Peters' Reserve Bank bill among those drawn from ballot

9:16 pm on 16 August 2012

Three new members' bills have been drawn from the ballot, all from opposition MPs.

A bill promoted by New Zealand First leader Winston would broaden the economic factors the bank has to consider when it adjusts interest rates.

The Reserve Bank of New Zealand (Amending Primary Function of Bank) Amendment Bill aims to have the Reserve Bank consider growth, the value of the dollar, export growth and employment, as well as price stability when it sets the official cash rate.

Parliamentary historian John Martin drawing the member's bills out of the ballot at Parliament on Thursday.

Parliamentary historian John Martin drawing the member's bills out of the ballot at Parliament on Thursday. Photo: RNZ

The New Zealand First leader is urging all parties to support his bill.

Mr Peters says while controlling inflation is important, the Reserve Bank needs more flexibility.

He says many economists agree the New Zealand dollar is overvalued by about 20%.

The Income Tax (Universalisation of In-work Tax Credit) Amendment Bill in the name of Green MP Catherine Delahunty would extend Working for Families subsidies to beneficiary parents.

Labour MP Darien Fenton's bill, the Local Government ( Council-Controlled Organisations) Amendment Bill, would make port companies and their subsidiaries accountable under the Official Information Act.

The bills will now be introduced to Parliament and will be debated on Members' Days, which happen every second Wednesday when the House sits.