Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

NZ$ Plummets, Interest Rate Hike Looks Unavoidable

Last night the New Zealand dollar fell to the lowest level since its all-time low on 29 March 1985, said ACT Leader, Hon Richard Prebble.

Last nights trading on the Foreign Exchange markets saw the dollar fall to below US45c.

“The level of the Kiwi is near crisis level. This means a further wave of price increases, lead by increased petrol prices is inevitable.

“On a trade weighed basis the Kiwi is now at an historic low. The New Zealand dollar is at its lowest ever level against the Yen which means all Japanese goods must increase in price.”

ACT has been told by the financial market that foreign investors are not investing in New Zealand. This is compounded by the fact that thousands of New Zealanders continue to take their money off shore.

“The country is paying a very high price for anti-business laws like the Employment Relations Act.

“Statements like ‘we won, you lost, eat it’, from the Finance Minister do enormous damage to the economy.

“It appears just a question of time before the Reserve Bank is forced to hike up interest rates to protect the Kiwi dollar from a total melt down,” said Hon Richard Prebble.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>

 

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>

ALSO:

Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>

ALSO:

State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>

ALSO:

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages