Timber industry under dire threat from rising dollar - Goff
If the New Zealand dollar rises much more against its United States counterpart it could lead to the closure of every sawmill in the country, Labour leader Phil Goff says.
If the New Zealand dollar rises much more against its United States counterpart it could lead to the closure of every sawmill in the country, Labour leader Phil Goff says.
Mr Goff said he recently met with timber industry representatives and was told that if the New Zealand dollar hit 90c against the United States dollar, that would be the likely result.
This morning the dollar reached 88c.
The high exchange rate was putting pressure on all export industries and threatening peoples' jobs, he said.
New Zealand should move towards a situation of universal saving, he said, similar to the scheme then Labour Prime Minister Norman Kirk set up in the 1970s.
The problem would be that many New Zealanders were already struggling with day-to-day bills, with little or nothing left over for savings, Mr Goff said.
Any such scheme would be different to KiwiSaver, he said.
“KiwiSaver was universally available. It was not universally taken up,” he said.
Colin Williscroft
Mon, 01 Aug 2011
Mon, 01 Aug 2011
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Timber industry under dire threat from rising dollar - Goff
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