Sir Roger Douglas has hit out at Reserve Bank governor Alan Bollard, accusing him of ignoring economic history.The Act Party MP and former finance minister wrote an open letter to Dr Bollard criticising comments he made on TV One's Q&A programme on Su
Sir Roger Douglas has hit out at Reserve Bank governor Alan Bollard, accusing him of ignoring economic history.
The Act Party MP and former finance minister wrote an open letter to Dr Bollard criticising comments he made on TV One’s Q&A programme on Sunday.
Sir Roger said he was shocked that Dr Bollard didn’t think New Zealand could catch up with Australia.
Dr Bollard has said Australia had “been blessed by God sprinkling minerals across the top of the surface in easily accessible areas” and that New Zealand did not have the same advantages.
However, Sir Roger said the idea the lack of mineral wealth would stymie growth is wrong.
With comments similar to 2025 taskforce leader Don Brash, Sir Roger pointed to the economic success of Hong Kong – a tiny portion of overcrowded land with few resources.
“There is no doubt that if we continue to maintain the status quo, then we have no hope of catching Australia,” he said.
“To blithely suggest that we can never catch Australia because of the minerals they have is to ignore the lesson of economic history – that policy matters.”
