Cullen on Standard and Poor’s report
7 December 2005 Media Statement
Cullen on Standard and
Finance Minister Michael Cullen today
welcomed Standard and Poor’s decision to reaffirm New
Zealand’s high credit risk ratings.
“The ratings agency
cites New Zealand’s stable political environment,
conservative budgetary management and strong fiscal position
as strengths but expresses concern at our persistently high
current account deficits, high exposure to commodity price
cycles and high private sector indebtedness.
underlines the importance of generating a stronger savings
culture, increasing labour productivity and broadening the
economic base in New Zealand. The government is working
actively across all these fronts.
“It also reinforces the
need for the government to continue to run a stable fiscal
policy,” Dr Cullen said.
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