Talk Money: April 6, 2016

Tony Field (Paul Henry)
Tony Field (Paul Henry)

There are tough times for manufacturers. Fisher and Paykel Appliances has confirmed it will close its refrigeration factory in East Tamaki.

Union leaders say many of the 186 skilled workers may struggle to find similar work.

The plant was struggling to remain cost competitive with larger factories in Thailand and China.

The announcement came on same day as a new survey from the New Zealand Institute of Economic Research found business confidence is slipping. That contrast with a survey earlier in the week which found growing optimism among workers.

A net five percent of manufacturing businesses expect to cut staff rather than hire them over the next three months.

The survey has prompted the Institute of Economic Research to predict the Reserve Bank will cut the Official Cash Rate to 2 percent, possibly as soon as the end of the month.

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