28 March 2001 Media Statement

Cullen welcomes continuing high confidence

Finance Minister Michael Cullen today welcomed the March National Bank business outlook showing continuing high confidence both in the general economic environment and in own company prospects.

"It reinforces the positive message of yesterday's consumer confidence survey which also showed high levels of optimism," he said.

"Obviously the slowdowns in Australia and the United States pose some risk to the size and strength of the New Zealand recovery. But, I am confident both economies will rebound quickly and that we have sufficient economic momentum in New Zealand to carry us through any temporary external downturn.

"Our dollar remains competitive. And our external account position continues to improve with a predicted merchandise trade surplus of $413 million for February - up from $43 million for the same month last year," Dr Cullen said.

ENDS

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