Deputy Prime Minister and Finance Minister Bill English has told Bay of Plenty Federated Farmers that New Zealand's only hope for growth was through the export sector. Speaking to a meeting of about 50 people in the Te Puke Club this morning, the Deputy PM said a high dollar and government expansion over the last five years had led to a position where the non-tradeable sector of the economy had grown by 15 per cent, while the tradeable side had diminished by 10 per cent.

After speaking with Federated Farmers, Bill wasa pictured here giving a presentation to Tauranga's business leaders at a Chamber of Commerce lunch at Mills Reef winery.

On the subject of interest rates, the Finance Minister says they are currently the lowest they've ever been, but he predicted we will soon see rates of about 8 per cent.
'But the Governor of the Reserve Bank doesn't tell me what he's going to do, and sometimes he doesn't know himself until just before he does it.”
One farmer at the meeting pointed out to the Minister that things would be tough for dry stock farmers like himself this year and queried the ability of the export sector to be the economy's saviour.
Bill English responded by saying he understood there would be difficulties ahead, but said the export sector was still our best hope.