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

 


Rakon workers another victim of high NZ dollar

November 6, 2012
Media Release

Rakon workers another victim of high NZ dollar

Rakon’s announcement that it plans to shift part of its production offshore at a cost of 60 redundancies is a sign the crisis in manufacturing is deepening, says the Engineering, Printing and Manufacturing Union.

The iconic electronics manufacturer has warned repeatedly that the strength of the New Zealand dollar and its extreme volatility were significantly impacting its business.

As recently as September this year Chairman Bryan Mogridge told shareholders that “markets have been tough and the New Zealand dollar remains persistently high against Rakon’s trading currency the US Dollar”. He went on to comment that “New Zealand with its high valued Dollar becomes less and less favourable as a place to manufacture.”

EPMU manufacturing industry organiser Louisa Jones says the redundancies at Rakon are a sign the manufacturing sector is in crisis and urgent Government action is needed.

“These redundancies are deeply concerning, not just for our members but for the entire New Zealand manufacturing sector. If even a high value, specialised manufacturer such as Rakon feels it can’t make a go of manufacturing in New Zealand then the sector is in real trouble.

“Our Government says it wants high value manufacturing, it says it wants to increase exports and it says it wants to create good, skilled jobs, yet it refuses to do anything in the face of factory closures and mass redundancies.

“What’s worse, the Government refuses to even recognise there’s a crisis.

“There are a number of simple steps the Government can take to support manufacturing if it would only recognise there’s a problem and begin to address it, starting with the high New Zealand dollar.

“New Zealanders want a strong economy that lifts our wages and gives young people a reason to build a future here. This will never happen until the Government gets serious about supporting manufacturing.”

Statistics NZ figures show the manufacturing sector has 40,000 fewer jobs than it did in 2008.

The EPMU is supporting the Parliamentary Inquiry into the crisis in manufacturing and is urging businesses, workers and anyone with an interest in the issue to take part.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news