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

 

Hold Off, Dr Bollard

6 December 2005

Hold Off, Dr Bollard

Farmers strongly advise the Reserve Bank to not raise interest rates on Thursday, said Charlie Pedersen, President of Federated Farmers of New Zealand (Inc).

New Zealand farmers are under a lot of pressure due to falling world commodity prices and the kiwi dollar at a 20-year high. Weak prices and strong dollar mean lower returns at the farm gate.

"New Zealand already has the highest interest rates in the developed world. Business confidence has crashed, and other indicators point to a slowing economy. We definitely do not need more pain from even higher interest rates," said Mr Pedersen.

"The Federation's farmer leaders including myself are receiving many emails and phone calls from members who are extremely concerned about the economic outlook, and the possibility of more interest rate pain."

Higher interest rates stoke buying of the kiwi dollar in a spiral that is wreaking havoc among exporters, the backbone of the economy, he said.

"Rural areas are heading for a hard landing. On behalf of farmers and other exporters, I implore the RBNZ to reconsider the economic situation and hold off increasing interest rates yet again," concluded Mr Pedersen.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: