Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Hold Off, Dr Bollard

6 December 2005

Hold Off, Dr Bollard

Farmers strongly advise the Reserve Bank to not raise interest rates on Thursday, said Charlie Pedersen, President of Federated Farmers of New Zealand (Inc).

New Zealand farmers are under a lot of pressure due to falling world commodity prices and the kiwi dollar at a 20-year high. Weak prices and strong dollar mean lower returns at the farm gate.

"New Zealand already has the highest interest rates in the developed world. Business confidence has crashed, and other indicators point to a slowing economy. We definitely do not need more pain from even higher interest rates," said Mr Pedersen.

"The Federation's farmer leaders including myself are receiving many emails and phone calls from members who are extremely concerned about the economic outlook, and the possibility of more interest rate pain."

Higher interest rates stoke buying of the kiwi dollar in a spiral that is wreaking havoc among exporters, the backbone of the economy, he said.

"Rural areas are heading for a hard landing. On behalf of farmers and other exporters, I implore the RBNZ to reconsider the economic situation and hold off increasing interest rates yet again," concluded Mr Pedersen.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Stats NZ: Annual Goods Trade Surplus At 28-Year High

New Zealand’s annual goods trade surplus reached a 28-year high of $2.2 billion as imports tumbled in the year ended October 2020, Stats NZ said today. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>