Press Release from The Importers Institute

For immediate release

Importers Call for Cullen's Head

"For the good of New Zealand, the Minister of Finance must go," Importers Institute Secretary Daniel Silva said today, as the New Zealand dollar continued collapsed below 42 US cents, its lowest-ever value.

"Importers are concerned that this is not just a fall against a strong US dollar. Our currency is also sinking against the Australian and Japanese currencies - and just about every other currency you care to name.

"The collapse of the dollar shows that investors, both here and overseas, are responding to the economic policies of this government by sending their money elsewhere. It is a clear vote of no confidence in the economic policies of the Labour/Alliance coalition.

"It also means New Zealand is on the way to becoming a source of cheap labour for Asia," said Silva.

"New Zealand's GDP per capita is now about half Singapore's and 60% of Hong Kong's. In the month of August alone, the dollar dropped 8% against the Japanese yen.

"A competent government faced with these facts would at least consider the possibility that it, rather than every other government in the developed word, is heading in the wrong direction. But not this government.

"Mr Cullen has no solutions and appears to be in denial," Silva said. "When confronted with a collapse in business confidence, he promised that the government would listen to business."

"We now know that this was an empty promise. It will not work a second time - that is why he must go."

Ends

For further comment, call Daniel Silva, Tel 09 302 9569, 021 877 015

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