The September balance of payments result is disappointing but not surprising, Finance Minister Michael Cullen said today.

“The deficit was $2,646 million for the quarter and $6,610 million for the September year. Both figures were in line with market expectations.

“There is welcome evidence that, after a very slow start, we are now seeing some traction in the export sector. Seasonally adjusted exports rose $454 million over the quarter while imports - which had been outstripping exports - rose only $181 million.

“But there is no quick fix to the imbalance in our external accounts.

“We need to earn more so that we borrow less overseas and we need to diversify New Zealand’s export base, shifting into high value-added products which are less vulnerable to swings in commodity prices.

“That is the challenge this Government has set itself,” 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>>