Larry Williams Drive

Finance Minister Grant Robertson was revealed to have sought advice from the Reserve Bank about a bank 'tax', but decided not to pursue it. The Finance Minister explored whether the Reserve Bank could pay banks less interest on the settlement cash kept at New Zealand's Central Bank. Grant Robertson explained that he asked the Reserve Bank for advice about this proposal, and determined that it wasn't a reasonable course of action. "Given that interest rates are rising and we have to pay interest on this, could we vary that rate? I didn't find many examples of anyone overseas doing it, and also it would severely disrupt what's quite an important part of what the Reserve Bank does." LISTEN ABOVESee omnystudio.com/listener for privacy information.