John MacDonald: Reserve Bank inquiry not political? Pull the other one

Do you think there is anyone in New Zealand who believes the Government’s line that it’s a coincidence the findings of its inquiry into the Reserve Bank’s COVID-19 response will be released a few weeks before the election? As the NZ Herald’s political editor, Thomas Coughlan, puts it: the inquiry will ask the right questions at the wrong time. Because this has election campaigning written all over it.  The official line is that the review is being done to “identify any lessons New Zealand could learn to improve the response to future major events”.  But how credible is that, given the findings of the inquiry will be released just weeks before this year’s election? Not very, according to Labour leader Chris Hipkins, who’s saying today: “If this is a genuinely independent review that provides some lessons learned, it could be useful. But doing it right in the middle of an election campaign suggests that’s not Nicola Willis’ primary motivation here.” And he’s spot on. Because it’s not. The Government’s primary motivation is to spend half a million dollars of taxpayer money on a report that is going to come out at the pointy end of the election campaign, which will do one of two things. It will either rip into the Reserve Bank in the way the Government hopes it will. So it can then say to voters, “do you really want the last lot who let the Reserve Bank get away with this trainwreck back in charge of the economy?”  Or, the report will be a bit soft -  not quite what the Government wants - but will still give it bragging rights about looking to learn from past mistakes. Unlike Labour, who it will accuse of not having the guts to front up to the COVID-19 Royal Commission of Inquiry. So it’s going to be a win-win - especially for National. I think this would have way more credibility if the Government had come out yesterday and said it was launching the inquiry but the findings wouldn’t be released until after the election.  For the benefit of whoever the government of the day is after the election. If it had done that, I would have had no problem with the timing. Instead, this inquiry - which, in itself, is fully justified - is at risk of looking like nothing more than taxpayers coughing-up for the National Party’s election campaign. LISTEN ABOVESee omnystudio.com/listener for privacy information.