The falling New Zealand dollar, commonly known as the "Kiwi", has slipped to record lows due to worldwide over-supply of dairy products and the softening economy. While the dairy farmers are strapped for cash, the tourists will be in for an inexpensive holiday.
The Reserve Bank is also considering lowering the OCR rate another 50 basis points. This will cause further erosion of the "Kiwi" value against the Euro, US dollar and British Pound, especially if the Federal Reserve raises interest rates in the US.
These two factors will combine to cause the perfect storm, where the Kiwi dollar will weaken further and provide a windfall for overseas travellers this summer should they decide to visit New Zealand.
Economists suggest that the NZ dollar could fetch around .61 cents to the US dollar by Christmas, which is prime summer season. This will make New Zealand a great destination for travellers with overseas currencies, able to take advantage of perhaps, a 40% premium on their dollar when purchasing, accommodation, transportation and food during their stay.
Tourism Organizations in the Catlins, located in the deep south east corner, of the Southland district, are gearing up for the expected tourism boom by constructing a scenic by-way called the "Southern Penguin Scenic Journey" to show off the endangered yellow eye-penguins and wildlife which frequent the Catlins coast. www.catlinsnz.com
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