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

 


No OCR change from RBNZ

No OCR change from RBNZ - 31 January

Yesterday the Reserve Bank of New Zealand (RBNZ) announced the OCR would remain unchanged at 2.5%.  This supports manufacturers and exporters, an increase at this point would add further upwards pressure to our already overvalued currency say the New Zealand Manufacturers and Exporters Association (NZMEA). 

NZMEA Chief Executive John Walley says, “Any downwards movement in the currency is welcome, and generally keeping something of a lid on our currency is important to perhaps avoid ever greater imbalances between the tradable and non-tradable sectors.”

“Our overvalued currency needs policy attention in order to promote economic rebalancing in New Zealand.  David Cunliffe has made some commitments to review monetary policy so far.  We hope this discussion will continue in the run up to the election, and that other political parties are challenged to see this as a critical issue worthy of serious debate.”

“Bill English continues to make comments around the need for economic rebalancing between our tradable and non-tradable sectors.  Better policy aimed at supporting our external sector is a necessary step in such rebalancing.”

“Whatever happens with monetary policy here, we must try and accommodate what is happening elsewhere, particularly in the USA and Australia.”

“The bank economists, chasing higher rates, are calling for increases as soon as possible, we would suggest the Reserve Bank hold off longer and determine the full efficacy of the LVR policy; who knows there may be another way after all?”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news