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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news