Last last year Phil Goff indicated that the long consensus on monetary policy in New Zealand was over - Labour recognised as last that the single lever, single target was not working for New Zealand. 

http://www.mea.org.nz/documents/681-exporters_need_monetary_policy_changes.pdf

This week a meeting in Auckland David Parker expanded on these comments:

http://www.johnwalley.co.nz/files/10-06-20 Monetary Policy.doc

And today again David Parker and Phil Goff speaking to Federated Farmers:

http://www.johnwalley.co.nz/files/PRparkerprudentialjune24.doc

http://www.johnwalley.co.nz/files/PRgofffarmersjune24.doc

Finally a choice is developing in NZ politics, a choice for or against the productive economy. 

Certainly the move away from the "there is no alternative" towards "there are real alternatives" hopefully TARA will beat TINA and the real economy will be all the better for it and over time we will see real growth not growth based on the insubstantial and ethereal asset appreciation.

Choices are developing and they will be made. 

tags: monetary policy, monetary policy, goff, parker