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OCR Cut Excellent News

The cut to official interest rates today by the Reserve Bank is excellent news, says Alasdair Thompson, chief executive of the Employers & Manufacturers Association (Northern).

"Dr Brash is right to take a more pro active stance at this time to the downward volatility amongst our main trading partners," Mr Thompson said.

"Japan, Australia and the US are all facing uncertain, lower returns and Europe is embroiled in the agricultural crises.

"Our businesses should pay close attention to Dr Brash's statement; we accept the situation is finely balanced.

"Though business always wants a lower cost for its borrowed capital, nevertheless our interest rates are still relatively high compared to our main trading partners.

"New Zealand business needs interest rate parity with them as far as possible, or better, if investment is to keep our growth prospects on the rails."

Further comments: Alasdair Thompson tel 025 982 024

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