This afternoon the New Zealand dollar fell to its lowest level in history of 39.99 US cents, said ACT Leader, Hon Richard Prebble.

“The level of the Kiwi is near crisis level.

“New Zealand is paying a very high price for anti-business laws like the Employment Relations Act. Inflation is about to break 3%, 17,995 New Zealanders have been unemployed for a year or more, record numbers of New Zealanders are leaving for good, Reserve Bank Governor, Dr Don Brash, has warned of stagflation and a further contraction of the economy, and the price of a Big Mac combo has risen.

“Michael Cullen can not continue to blame the flow on effects of a German business confidence survey for our dollars perilous state.

“ACT has been told by the financial market that foreign investors are not investing in New Zealand. This is compounded by the fact that thousands of New Zealanders continue to take their money off shore.

“Statements like ‘we won, you lost, eat it’, from the Finance Minister do enormous damage to the economy. It’s time for the coalition to accept that it’s policies are not working.

“It is time to do a U-turn to get the country back on track,” said Hon Richard Prebble.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

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