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.

(BusinessDesk

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news