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Article: Nation under economic cloud.
- Article from:
- Australasian Business Intelligence
- Article date:
- August 13, 2008
CopyrightCOPYRIGHT 2008 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Sue Mitchell
Aug 13, 2008 (The Australian Financial Review - ABIX via COMTEX) -- The weak New Zealand (NZ) economy, along with falling consumer confidence in NZ, is having a negative impact on some Australian companies. NZ's central bank cut interest rates in July 2008, and more cuts appear likely. However, the reductions may be too late to prevent the nation from falling into recession. GDP fell by 0.3 per cent in the March quarter, and house sales have fallen by 33 per cent in the past year. Goodman Fielder is one of the Australian companies potentially affected by the downturn. Harvey Norman, Coca-Cola Amatil, Woolworths, Just Group and JB ...