The Employment Relations Bill raises two major concerns about government policy, one substantive and the other procedural. The substantive concern is the impact that the Bill will have on other areas of government policy including on price stability, unemployment, investment, the balance of payments, economic growth and the government's accounts. The extra rigidity that will be introduced into the labour market risks exacerbating unemployment. Wage increases in excess of productivity increases must be compensated for by higher unemployment. Either way higher interest rates are likely. Government support for the Reserve Bank and the Reserve Bank Act would then be critical to avoiding even greater pressure on interest rates. The government is also affected as an employer. It is likely to be one of the first victims of multi-employer agreements, for example in hospitals. Since the minister's publicly stated aim is to raise wages and conditions for large numbers of workers, it follows that there are fiscal risks here for the government. In short, the measures are a threat to economic stability, investment and job creation in New Zealand.