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Trade Me deal – a vote of confidence in NZ

6 March 2006 Media Statement

Trade Me deal – a vote of confidence in New Zealand

Fairfax's purchase of on-line auction house Trade Me represents 700 million votes of confidence in the New Zealand economy Finance Minister Dr Michael Cullen said today.

"The $700 million dollar deal is a timely reminder of fundamental strength of the New Zealand economy.

"Here's proof that the outside world has a different view our economic health than some within this country.

"Forget the surveys, this is business confidence.

"Fairfax would not have made this investment if the medium to long-term growth prospects of the New Zealand economy were not excellent," the Finance Minister said.

"The blinkered doomsayers in the Opposition keep nagging us that Australia is so much better than our country. Well, here's crystal clear evidence that Australians still think New Zealand is a great place to do business with.

"I congratulate Sam Morgan on his success. He typifies the smart, tech-savvy Kiwi we need to help transform this economy. May he continue to inspire entrepreneurs across New Zealand," concluded Dr Cullen.

ENDS

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