The local currency dropped on concern the new government’s policies, such as a potential cut in immigration, may curb economic growth. Ardern’s rise has drawn comparisons with the generational change in leadership seen in countries like Canada and France. Labour and New Zealand First both campaigned on reducing immigration, increasing home construction and reforming the central bank. Ardern said New Zealand First will hold four cabinet positions, which she expects to confirm next week along with details of final policies. He declined to say whether he will remain the party’s leader, saying that was something to be considered in coming weeks.

Source: National Post October 19, 2017 13:41 UTC