Labour's Finance spokesperson David Parker said that the growing current account deficit is a serious long term threat to the economy which is being completely ignored by this short term Government.
The New Zealand dollar has been gaining against its Australian counterpart as the economy in Australia is slowing. This is helping escalate the local recovery underline the different stages of the interest rate cycle each nations central bank is in.
The kiwi climbed as much as 92.49 Australian cents, the highest since October 2008, trading at 92.40 cents at 5pm in Wellington from 92.26 cents on Friday in New York.
According to the latest performance of manufacturing index (PMI) which came out Friday, New Zealand's manufacturing sector saw its 14th straight month of expansion in November.
The rate of jobless has fallen below 8 per cent, in Tasmania for the first time since May. This reveals that the jobless rate is continuing to make small improvements.
David O'Byrne, the Economic Development Minister says the state economy has turned a corner and the Government deserves some of the credit.
The Westpac-Melbourne Institute Index of Consumer Sentiment fell by 4.8 per cent in the month to 105.0, compared with 110.3 in November.
Bill Evans, Westpac chief economist said, this was the lowest level of the index since July.
Mr Evans said, "It appears that the boost in confidence partly associated with the election result and booming house prices has faded in December."
On Wednesday, whereas the Australian dollar held overnight gains, its New Zealand counterpart was overshadowed by a surprise dividend cut from dairy giant Fonterra.
The New Zealand dollar tumbled after Fonterra Cooperative Group the dairy exporter surprised investors by keeping its forecast payout to farmers unmoved and as traders await the Reserve Bank's policy statement, which is likely to keep interest rates at a record low.
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