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TV1 News

Dollar Drop – Urewera Controversy – Governor General Appointed

- DOLLAR DROP: The dollar has slid to record lows as bad trade figures scare investors away. Imported goods prices will be driven up, but it’s good news for tourist operators and exporters. The dollar hit its lowest level since it was floated 15 years ago, and is currently at US42.8c. Cars, computer, and even coffee are among the goods which will increase in price. The booming US economy, its dollar flying high, is forcing down the value of other currencies. NZ has been unusually badly hit, because it is seen as a bad place to invest.

The Current account deficit is 8.5b in overdraft. The Government is blaming the previous National Government for that debt.

The Dairy Board, one of the winners in the dropping dollar, said their export earnings improve by $100m for every one cent the dollar drops.

- UREWERA CONTROVERY: The Controvertial improvements to an Urewera National Park road and bridges may not now happen. Conservation Minister Sandra Lee, who initially approved the $260,000 improvements, has said the money may not now be allocated, after what se called a political beat-up surrounding the issue.

- GOVERNOR GENERAL APPOINTED: Buckingham Palace has appointed Dame Sylvia Cartright as the new Governor General – another female at the top in New Zealand. She’s our second female Governor General after Dame Cath Tizard, and she replace Sir Michael Hardie Boys in the job.

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