New Zealand Finance Minister to raise parity concerns in Australia

GMT 23:46 2015 Monday ,13 April

Arab Today, arab today New Zealand Finance Minister to raise parity concerns in Australia

New Zealand Finance Minister Bill English
Wellington - XINHUA

New Zealand Finance Minister Bill English will be gauging business opinion this week in Australia on the risks to bilateral economic links as the two countries' currencies track close to parity for the first time ever.

"Australia is one of our major international partners and traditionally, we do well when they do well. So while the proximity of exchange rate parity is an indicator of strength in the New Zealand economy, it also reflects some uncertainty about Australia which could impact on us," English said in a statement Monday.

"Almost 20 percent of New Zealand exports are to Australia, and over 50 percent of our overseas direct investment goes across the Tasman," he said.

"The trip also provides a chance to strengthen our links with the Australian business and investment community. We have many common challenges and opportunities and it's good to know what each other is thinking."

English would speak with mining sector leaders and government representatives in Perth, Western Australia, on Tuesday.

He would then spend a day each in Brisbane and Sydney meeting with business and infrastructure sector leaders, including the Trans-Tasman Business Council before returning on Friday.

The New Zealand dollar has soared in recent weeks to reach a near one-to-one value with the Australian dollar, which has raised alarm among New Zealand exporters and manufacturers who fear for the competitiveness of their goods and services.

The Reserve Bank of New Zealand has repeatedly warned that the exchange rate is unjustified and unsustainable.

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