$2 billion loss expected
PA Wellington New Zealand will suffer a ?2 billion cut in primary income earnings because of the value of the New Zealand dollar. The chairman of Federated Farmers’ dairy section, Mr Bruce Tolich, told the annual conference in Wellington yesterday that the dairy industry would earn $6OO million less for New Zealand this year compared with last year. “When you add meat and
wool’s lower return, up towards $2 billion less would be earned by these major overseas exchange earners,” he said. Mr Tolich said he was reflecting widespread fears now gripping the farming and export sector as the dollar continued its rapid strengthening. Primary industries were dealt a further blow on Wednesday when the dollar firmed to a post-devaluation high of 0.5640/50 on the
foreign exchange market. Mr Tolich expressed his own industry’s fears yesterday. He estimated that farmers would spend ?18 million extra in interest repayments. These accounted for 30 per cent of farm expenditure at present, he said.
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Press, 4 October 1985, Page 3
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165$2 billion loss expected Press, 4 October 1985, Page 3
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