Official Cash Rate Cut In New Zealand!

The central bank slashed the official cash rate from 3 per cent to 2.5 per cent last week
in what it called an “insurance” move in case the impact from the Christchurch earthquake leads to a “severe downturn” in the New Zealand economy.
The Reserve Bank say’s the rate cut is in place until rebuilding and recovery in the broader economy showed through.
The one-off rate cut would provide some relief to borrowers.

Taranaki news of the 60 cent increase in Fonterra’s payout forecast for the current dairy season.announced last week, is expected to pump $100 million extra into the Taranaki economy just at the time we need it most.
Farmers- are happy, nice $8 payout per kilo, had rain, no drought. Everything’s ticking along really nicely.
With 1600 dairy farmers in Taranaki will boost the economy to 100 million dollars to the region which will help local business get through the recession and that uncertain times await us.

The message to the ordinary guys is to save your pennies and get out of debt.

Futher more for the first time in 20 years, Shell will begin explorative drilling off the Taranaki coast at the Ruru well.
General Manager of Shell Todd oil services Rob Jager says if they find a significant amount of oil it will mean huge things for Taranaki as well as their company.
Recent study completed by Venture Taranaki showed the amount of money that the oil industry generated for the Taranaki area was $2.5 billion,” he told Newstalk ZB.

Where is the Ruru Well in Taranaki?
Shell Todd Oil Services Limited (STOS) is drilling an exploration well called Ruru, south of and adjacent to the Maui field, using the Noble Discoverer drill ship.
Ruru is approximately 40 kilometres off the South Taranaki coast and straddles both the Maui Production License and the adjacent Petroleum Exploration Permit (Ruru, PEP 381203).
A wide range of stakeholders have been consulted.
The local hapu, Ngati Tara suggested the name “Ruru” which is the Maori word for morepork and means “protector”.

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