KEY POINTS:
Politicians need to make it clear what they are going to do to help New Zealand survive the global credit crisis, the stock exchange boss said today.
NZX chief executive Mark Weldon said politicians from all parties had been "appallingly silent" about their policies.
"Look if things have changed, if credit is no longer cheaply available, if the dairy sector's at risk and the housing market's falling - what are your policies that actually are going to allow the productive sector to help New Zealand earn its way out of this," he said on Radio New Zealand's Morning Report.
He said he expected the reaction to the US government's US$700 billion ($1.05 trillion) bailout package in New Zealand to be muted.
"I would expect the volatility here to be lower than in the US simply because our direct exposure to the eye of the storm is a lot less and our companies are a lot less leveraged."
The global property bubble was over and discretionary money still in New Zealand might be invested in the sharemarket, he said.
"Clearly the property market is the place that New Zealand banks will be shying away from and that will only accelerate the falls in the property market."
- NZPA
