Closing date for submissions to banking inquiry set
The closing date for submissions to the multi-party inquiry into banking issues will be 31 August, six weeks after the inquiry was announced, Labour finance spokesperson David Cunliffe says.
“There has been a growing history this year of insufficient time allowed for select committee hearings. Rushed democracy is rarely, if ever, good democracy,” David Cunliffe said. “The banking inquiry has been set up by Labour, the Greens and the Progressives to allow the public and experts to have their say.
“It’s really important that sufficient time is allowed to encourage participation. We may well start hearing early submissions before the end of August, but that will not preclude us from continuing to receive submissions,” David Cunliffe said.
“New Zealanders deserve the opportunity to participate in or listen to this debate. Kiwis believe they are paying higher interest rates than they should be paying. Banks believe interest costs are justified. The facts should be put on the table fairly and openly so that people can see whether they are receiving a fair deal.”
David Cunliffe said the inquiry --- into the relationship between the Official Cash Rate and short term interest rates --- would be guided by expert advice.
“Greens co-leader Russel Norman, Progressive leader Jim Anderton and I will all be sitting on the committee, probably with three other Labour MPs, although that could change if other parties accept our invitation to participate.
“We are finalising details of the expert advice and who will conduct a peer review of the inquiry findings, and will make a further announcement with all that information in the near future.”
David Cunliffe said Labour, the Greens and Progressives were approaching Speaker Dr Lockwood Smith again about the Speaker’s decision to deny their request to use a room in Parliament to hear public submissions.
“I am hopeful Dr Smith will re-visit his decision given the importance of the inquiry and the motivations behind it. The impartial nature of the Speaker’s role involves facilitating public-spirited actions by Opposition parties. The banking inquiry falls squarely into that category, and the denial of parliamentary facilities to a legitimate parliamentary process would raise significant constitutional issues.”
Submissions to the inquiry can be made at: http://www.bankinquiry.org.nz
