NZMEA Chief Executive Dieter Adam says, “The exchange rate remains overvalued, adding significant pressure to manufacturing and exporting businesses, hitting margins and competitiveness, both in our vital export markets such as Australia, and for those competing against imports in New Zealand.
“We need to see the downward correction of our currency restart. The longer it remains significantly overvalued, the bigger its effect will be on manufacturers and exporting businesses, hitting their ability to invest in the future, through R&D, new equipment and staff. New Zealand manufacturers operate against global competitors, and this investment is vital to ensure we remain competitive and productive into the future.