Comments

David Thompson Posted:
So very, very true. It beggars belief that we consider ourselves to be a developed nation when so much of our economy is based on selling milk powder or logs. BTW, I own a Plinius amplifier (my second) that drives a set of Theophany speakers.
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David Thompson Posted:
A robust but sobering report. It concerns me that confidence is rising, yet sales and exports are down and "manufacturers and exporters are still lagging behind other sectors". Surely we should wait until we're earning more money before we start spending more?
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siemens Posted:
Yes true! The only thing that will never die in this world is the nature and its science behind it. Great post.
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Kieran Ormandy Posted:
Thanks for the question Steven, Germany has seen increases in manufacturing employment since 2009, and Switzerland has had stable manufacturing employment between 2006 – 2011, even in the face of ongoing Euro-zone issues. Korea has seen increases in manufacturing employment since 2008 and Israel experienced large increases since 1998, while being stable over the last 4 years. Singapore has had increases in manufacturing employment over the last two years. These countries all value their manufacturing sectors and work to protect them, this is reflected in the above numbers and their performance through the GFC. Note data around the above examples was sourced from OECD labour market stats.
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John Walley Posted:
Point one: you should have no doubt what our Association says publically represent the views of our members. Point two: we don’t knee jerk responses, if you trace back our comments around NZPower you will see them link all the way back to our research in 2004 and 2005. All that material is fully linked from our comments above. Point three: you will note our comments on major users, sadly the same advantage does not accrue to smaller industrial users. The perverse incentives of the LRMC approach in all this are well known. Point four: the NZMEA is not like any other Association in New Zealand we admit only manufacturers and exporters into membership, and our public expressions are the views of that restricted membership.
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31/1/14

No OCR change from RBNZ


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Yesterday the Reserve Bank of New Zealand (RBNZ) announced the OCR would remain unchanged at 2.5%. This supports manufacturers and exporters, an increase at this point would add further upwards pressure to our already overvalued currency say the New Zealand Manufacturers and Exporters Association (NZMEA).

NZMEA Chief Executive John Walley says, “Any downwards movement in the currency is welcome, and generally keeping something of a lid on our currency is important to perhaps avoid ever greater imbalances between the tradable and non-tradable sectors.”

“Our overvalued currency needs policy attention in order to promote economic rebalancing in New Zealand. David Cunliffe has made some commitments to review monetary policy so far. We hope this discussion will continue in the run up to the election, and that other political parties are challenged to see this as a critical issue worthy of serious debate.”

“Bill English continues to make comments around the need for economic rebalancing between our tradable and non-tradable sectors. Better policy aimed at supporting our external sector is a necessary step in such rebalancing.”

“Whatever happens with monetary policy here, we must try and accommodate what is happening elsewhere, particularly in the USA and Australia.”

“The bank economists, chasing higher rates, are calling for increases as soon as possible, we would suggest the Reserve Bank hold off longer and determine the full efficacy of the LVR policy; who knows there may be another way after all?” 



tags: rbnz, ocr, offical cash rate, exchange rate, policy, bill english, davind cunliffe

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