When Fletcher shares rose in price and the politics of immigration

Erica Stanford announces a new seasonal visa in Auckland. (Image: NZME)

Mon, 19 Aug 2024

Speeches by immigration ministers can move markets.In July 2004, then-Immigration Minister Paul Swain caused Fletcher Building shares to hit a seven-year high when he announced that the Government planned to increase the immigration quota by 11% from 45,000 to 50,000. The problem was it wasn’t true. Swain was later forced to clarify that his announcement “was not quite what it had seemed to be”. 'The needs of business'During Swain’s valedictory address, he made a tongue-in-cheek reference to the pr...

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