Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Manufacturing Exporters Welcome Reserve Bank Stay

Media Release 15 September 2005

Manufacturing Exporters Welcome Reserve Bank Stay on Interest Rates

With the high New Zealand dollar squeezing exporters and causing a blow out in the current account deficit, the news that the Reserve Bank of New Zealand has held interest rates is greatly welcomed, especially by exporting manufacturers,” according to Alasdair Thompson, Chief Executive, Employers & Manufacturers Association (Northern).

“The slowing economy does not need to be crunched into recession.

“However, irrespective of the outcome of the election, there will be a considerable loosening of fiscal policy from either increased spending (Labour) or tax cuts (National) and that could well put pressure on interest rates going forward.

“In the meantime we all have to accept that oil prices have risen causing downstream price increases (inflation) which means we’re all that much worse off. That fact cannot be changed by monetary policy,” concluded Mr Thompson.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news