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

 


Dollar’s post-float high costing Kiwis jobs

David
PARKER
Spokesperson for Finance

9 April 2013 MEDIA STATEMENT
Dollar’s post-float high costing Kiwis jobs

The dollar has hit a post-float high on the trade weighted index for the second time in two months, showing it is critical that concrete action is taken to make our overvalued exchange rate more competitive, says Labour’s Finance spokesperson David Parker.

“The dollar has been too high for too long and it’s crippling Kiwi exporters. Now it’s at the highest level on the trade weighted index since it’s was floated.

“One of the reasons that the Tiwai Point aluminium smelter may be shut down is that the dollar’s strength is seriously impacting on their business. Over 3000 people rely on the smelter for their jobs.

“The high dollar is costing this country jobs. Last year 17,000 people lost their jobs in manufacturing. As we’ve heard in the manufacturing inquiry the blame for many of those losses can be pinned on the overvalued exchange rate.

“The IMF says the dollar is 15 per cent overvalued. It’s breaking the back of manufacturing exporters outside the primary sector.

“International practices have changed. Our trade competitors are addressing their exchange rates yet National still says there’s nothing they can do. That’s an insult to exporters.

“Our Reserve Bank has an obsolete tunnel-vision mandate to give primacy to inflation over other important factors such as the exchange rate and employment. We need to change the Act to give the Bank a 20/20 perspective on the economy so our exchange rate can be more competitive,” says David Parker.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news