Uncertainty Blamed For Wrecking Woes On Economy

Written by Pio Sioa
Monday, 03 March 2008
Tuu'u Amaramo Sialaoa : Local economist and PASS treasuer The uncertainties of what will become of the Government road switch policy has taken its toll on the economy, but by how much was not made clear by local economist Tuu’u Mr. Amaramo Sialaoa. The assessment was made in a press conference on Friday by the People Against Switching Sides, PASS that is co-ordinating the protest against the Government policy to switch to the right hand side of the road. Tuu’u is a senior executive with Westpac Bank and also the treasurer for PASS. “I don’t think people who planned to buy cars this year are going to do so,” Tuu’u says. “Organisations, companies and corporations are also having second thoughts as well, because of the uncertainties surrounding the future of the Government policy, so they too have set aside their plans for now,” he continued. Public indecision was described as the major implication of the road switch policy that has brought the selling and buying industry of motor vehicles in the country to a virtual standstill. Tuu’u went over the financial worries that are facing companies involved in selling or renting cars about what the future holds for them, as part of the larger problems weighing on the economy. He also touched on the loss of Government revenues from duties and VAGST because the importation of vehicles has not moved since the controversial debate on the right hand drive started. “The banks are also likely to increase charges on the loan agreements that allows them to buy from local car dealers.” Tuu’u believes that the uncertainties is a vicious cycle because of its wider implications on the economy. The added comments by the PASS treasurer paints a dismal picture that the organizations like the Chamber of Commerce raised at the start of the controversy. Central Bank reports leaked to the media holds the same economic worries that are in effect already. Comments (0) Subscribe to this comment's feed Write comment Name Email Title Comment
Last Updated ( Tuesday, 04 March 2008 )

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