Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Kiwis need to hear more from Reserve Bank,

Media statement Thursday, October 9th, 2008

Business, other kiwis need to hear more from Reserve Bank, Government

The New Zealand economy needs more done to build confidence amongst business and others as the impact of the credit crisis spreads, the Employers & Manufacturers Association (Northern) says.

"Calls to EMA concerning business restructuring and redundancy are running at over double the levels they were last year, and rising fast," said Alasdair Thompson, EMA's chief executive.

"The level of activity in both manufacturing and services industries are contracting. Manufacturing has shrunk for four consecutive months and the Services sector for five months according to their respective Performance indices.

"While the recent tax cuts will help, the Reserve Bank now needs to:

* Cut the Official Cash Rate (OCR) by at least one percent;

* Ensure NZ banks have access to sufficient Reserve Bank credit to ensure responsible lending can continue;

* Reassure business, depositors and lenders that our banks are safe and fully able to keep on lending.

"The Government needs to assure depositors that, should it be required, it will guarantee them even though all our banks are rated amongst the top 26 in the world.

"Now is not the time to maintain and overly narrow focus on inflation. Restoring confidence to ensure the recession does not deepen must take priority."

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Populism’s Changing Of The Guard, Plus A Soul Music Playlist

The weekend’s Newshub/Reid Research poll results - Act up to 11.1%, National up 1% but still sitting at only 28.7%, Labour down to 43%, the Greens up to 8.5% - shows that the combined centre right vote is still languishing nearly 12 points behind the combined centre-left vote, 45 months after the last centre-right government was voted out... More>>



 
 


Finance: Finance Minister And RBNZ Governor Agree To Update MOU On Macro-prudential Policy

Finance Minister Grant Robertson and Reserve Bank Governor Adrian Orr have updated the Memorandum of Understanding (MoU) on macro-prudential policy to further protect the financial system and support the Government’s housing objectives... More>>

Government: Offers Formal Apology For Dawn Raids
Prime Minister Jacinda Ardern has today formally apologised to Pacific communities impacted by the Dawn Raids in the 1970s.

Between 1974 and 1976, a series of rigorous immigration policies were carried out that resulted in targeted raids on the homes of Pacific families... More>>


Government: Bill Introduced To Protect Against Conversion Practices

Legislation has been introduced to Parliament to protect against practices intended to change or suppress someone’s sexual orientation, gender identity, or gender expression... More>>

ALSO:




Human Rights Commission: Successive Governments Responsible For Massive Breaches Of The Right To A Decent Home

Te Kahu Tika Tangata / Human Rights Commission has today launched Framework Guidelines on the Right to a Decent Home in Aotearoa and announced that it will hold a national inquiry into housing... More>>



NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels