Interest Rates Cut On The Right Track

Wednesday, 14 November 2001, 10:32 am
Press Release: Employers And Manufacturers Association

Today's half a per cent cut in interest rates is the right response to the changed international trading conditions, the Employers & Manufacturers Association (Northern) says.

"Dr Brash is to be congratulated for the decisiveness and timeliness of the interest rate cut," said Alasdair Thompson, EMA's chief executive.

"The Reserve Bank is on the right track. New Zealand is rapidly ceasing to be 'favourably out of sync' with the rest of the world.

"The cut follows the half per cent drop in September; it augurs well for stimulating investment.

"We hope and expect business will respond by critically examining new business opportunities that may become viable under the lower interest rate scenario.

"Though our large exporters such as dairy will be hedged through much of next year, no one can hedge against the slump in international demand."

Ends

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