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

 


Wait and see on the OCR - NZMEA

Wait and see on the OCR - 24 January

Although this week's inflation numbers were slightly above expectations, it is still too early for the Reserve Bank of New Zealand to increase the OCR without yet more collateral damage to the manufacturing and exporting sector, say the New Zealand Manufacturers and Exporters Association (NZMEA).

NZMEA Chief Executive John Walley says, “While domestically we are seeing some positives, our value added exporters and import competing manufacturers are still confronting volume and margin challenges.”

“Increasing our OCR, in stark contrast to the rest of the world, would be making a choice to further elevate our currency from levels that are already too high.   It is better to deal directly with the property problem and the underlying threat to financial stability.”

“A rising bias to our OCR would put us out of step with most other economies, world markets remain fragile and most countries are still holding or even relaxing their own monetary policy.”

“The recently reported price increases are not widespread throughout the economy and at this point the full effectiveness of the LVR restrictions are not yet clear.”

“There is still time and space to wait and see what the world brings and likely hold off any increases in the OCR for much of 2014.”

“Our NZMEA Survey of Business Conditions showed total turnover for November increasing by 10.53%, with domestic turnover decreasing 3.95%, and export turnover improving 24.86%."
"This is a change from the trends throughout 2013, which saw domestic activity generally improving, while exports experienced a more downward trend.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news