Hon Dr Michael Cullen
Minister of Finance

25 March 2004 Media Statement

Caution in Positive Balance of Payments Result

The narrowing of the balance of payments deficit in the December quarter suggests the export sector is showing some resilience in the face of the strong New Zealand dollar, Finance Minister Michael Cullen said today.

He was commenting on the latest BOP data showing a seasonally adjusted reduction in the current account deficit of $396 million.

"While this result is better than the markets were expecting and reflects an improvement in export volumes which is positive news for the economy, the evidence still points to a deterioration in our external position over the immediate term,” Dr Cullen said.

ENDS

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Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>