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Time To Cut Interest Rates - CTU

Published: Wed 16 Apr 2003 06:32 PM
MEDIA RELEASE
16 April 2003
Time To Cut Interest Rates - CTU
“The case is by now well-established for a cut in interest rates,” said Council of Trade Unions secretary Paul Goulter today.
Paul Goulter said a range of factors supported that view.
“The latest consumer price index data shows that non-tradeables inflation is easing,” he said.
“When this is combined with the recent Quarterly Survey of Business Opinion, the effect of the exchange rate, falling export returns, the impact of power prices, ongoing effects of the drought on farm production and SARS, it is clear that a cash rate of 5.75% is too high.”
Paul Goulter said the CTU view was that the Reserve Bank should respond to this set of circumstances on 24th April rather than wait until June.
ENDS
New Zealand Council of Trade Unions
Te Kauae Kaimahi
The New Zealand Council of Trade Unions Te Kauae Kaimahi brings together over 350,000 New Zealand union members in 40 affiliated unions. We are the united voice for working people and their families in New Zealand.
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Level 7, West Block, Education House, 178 Willis St, Wellington.
Media Contact:
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PO Box 6645, Marion Square, Wellington 6141.

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