30 August 2002
External Factors Behind Fall In Confidence - Cullen
Finance Minister Michael Cullen said the drop in business confidence reflected in the latest National Bank survey was
disappointing but not surprising given recent developments on the world stage.
“The threat of a US invasion of Iraq; turbulence on the US sharemarket; smaller but still sizeable falls on the
sharemarkets of Europe and Japan; the crisis in Argentina and weakness in the economies of Uruguay and Brazil are all
issues for concern,” Dr Cullen said.
“New Zealand cannot inoculate itself from international risks. However it is important that we don’t overstate the
“We managed to survive the global downturn last year in good shape, and the continued strong performance of the
Australian economy should provide a buffer against adverse events further afield.”