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Rate Cut Welcomed

11 September 2008

Rate Cut Welcomed

The decision by the Reserve Bank to drop the Official Cash Rate by 50 basis points to 7.5 percent is welcome news, says New Zealand First primary production spokesman Doug Woolerton.

“The surprise cut will be welcomed by homeowners and exporters alike,” said Mr Woolerton.

“The substantial decline in the dollar over recent weeks has already significantly helped our export sector. Today’s cut should further the dollar’s decline, and the resulting increase in returns for our exporters will help New Zealand ride out the current international economic situation.

“While great for exporters, the fall in the dollar resulting from the cut will increase the cost of imports for consumers. This is an unfortunate but necessary correction, and the boost for the export sector should negate such effects in the medium term.

“As welcome as the rate drop is, it does not change the need for a rewrite of our monetary policy to address the issues that cause damage to our exporters. New Zealand First will continue to push for such changes,” said Mr Woolerton.


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