News | Politics
22 Feb 2018 19:55
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Politics

    Dollar falls as NZ First backs Labour

    The NZ dollar fell after NZ First leader Winston Peters said he would support a Labour-led government, saying that he expected a change to the Reserve Bank Act.


    The New Zealand dollar fell after NZ First leader Winston Peters said he would support a Labour-led government, saying the nation voted for change, and that he expected a change to the Reserve Bank Act.

    The kiwi dropped as low as US70.62c and was trading at 70.65c as at 7.15pm from 70.94c before he started his briefing.

    The local currency started declining amid reports the incumbent National Party baulked at NZ First's demands for ministerial posts.

    "The majority of this country has voted for the change that is happening," Mr Peters told a briefing in Wellington.

    Mr Peters said his party believed an economic slowdown is "already here" and those risks fed into the decision made.

    He didn't provide any details on ministerial posts, but did say NZ First didn't secure the finance portfolio. He did say he's been offered the deputy prime ministership.

    New Zealand's financial markets have been in a state of flux since the September 23 election which left NZ First holding the balance of power and once special votes were counted the gap between National and the Labour-Green bloc got even tighter.

    Before Thursday's announcement traders had said a National-led administration would probably stoke a knee-jerk jump in the currency whereas a Labour-led government would push it lower.

    Mr Peters said NZ First has a coalition agreement with Labour while the Green Party has a confidence and supply agreement and will sit outside cabinet.

    On policy concessions, Mr Peters confirmed he expected the Reserve Bank Act to change, and that he anticipated there would be "fewer people coming here".

    He also expected 10,000 affordable homes to be built every year to help boost ownership for first-home buyers.

    © 2018 NZN, NZCity


     Other Politics News
     22 Feb: Kiwis want to engage with govt online
     21 Feb: Government turns to National to pass TPP
     21 Feb: CPTPP will add up to $4b to economy: MFAT
     21 Feb: Pressure mounts on Catholic-run family planning clinics in Papua New Guinea
     21 Feb: Emails from Australian accused of spying James Ricketson show no evidence of Cambodian plot
     20 Feb: Hunt continues in Ahipara firearm incident
     20 Feb: US partygoer angers Chinese authorities by stealing a 2,000yo terracotta warrior's thumb
     Top Stories

    RUGBY RUGBY
    Super Rugby week-two preview panel More...


    BUSINESS BUSINESS
    Shares gain as investors take a2 above $9b More...



     Today's News

    Entertainment:
    Liam Gallagher has said the key to being a “rock star” is having “loud farts” 19:35

    International:
    Winter Olympics speed skaters and the athletes whose unusual bodies suit their sports 19:05

    Entertainment:
    Birdman has described his fiancée Toni Braxton as his “life” 19:05

    Business:
    Shares gain as investors take a2 above $9b 18:55

    Rugby:
    Super Rugby week-two preview panel 18:35

    Entertainment:
    Joan Rivers claimed being on stage “saved her life” in the final interview conducted before her death 18:35

    Law and Order:
    Agitated accused nearly excused again 18:25

    Environment:
    Taranaki properties still wait for power 18:15

    Rugby League:
    Green future crucial to Cowboys: Thurston 18:05

    Entertainment:
    Serena Williams has revealed she “almost died” after giving birth to her daughter last year 18:05


     News Search






    Power Search


    © 2018 New Zealand City Ltd