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

 

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Planes: Jetstar Launches Regional Network

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news