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


Opposition hears manufacturers' calls for lower dollar

Opposition hears manufacturers' calls for lower dollar

Jan 28 (BusinessDesk) - An Opposition party inquiry into the manufacturing sector heard from a cross-section of exporters at Parliament this morning, all of whom argued a lower exchange rate was more important to them than any specific government support to their industry.

Led by the chief executive of the New Zealand Manufacturers and Exporters Association, John Walley, the inquiry heard dire predictions about the state of the New Zealand economy if its ability to manufacture elaborate, high value products were allowed to continue eroding.

"The biggest thing is the exchange rate," said Walley, a long-time critic of the Reserve Bank of New Zealand's singular focus on controlling inflation.

High-tech entrepreneur and Labour Party backer Selwyn Pellett told the inquiry his companies had exported more than $450 million of goods and services since starting in 2001, when the exchange rate was US39 cents, compared to US83 cents today.

Pellett was uncertain he would have started his business if the exchange rate had been so high 12 years ago. He was about to bank about $10 million in gains on the sale of his shareholding in Endace, a software company he helped found, but would not invest that sum back into the New Zealand economy at present.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news