Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Cunliffe pledges surpluses, unemployment down to 4%

Cunliffe pledges surpluses and to get unemployment to 4 percent by end of first term

May 12 (BusinessDesk) – Labour Party leader David Cunliffe has pledged to reduce the unemployment rate to 4 percent by the end of his first term, if elected, from 6 percent currently, saying the Opposition would create 20,000 more jobs than National is projecting.

Cunliffe said a Labour government would also remain committed to running budget surpluses “unless there’s another international downturn or domestic disaster that necessitates a counter-cyclical policy.”

Labour would drive jobs growth through a combination of policies including more government buying of Kiwi-made products, stimulating production of higher-value wood products to boost forestry jobs, and create jobs in the construction sector via its ‘KiwiBuild’ plan to build 100,000 affordable homes over 10 years.

He also said Labour’s policies of imposing a capital gains tax would shift more investment into the productive sector, while its plan to establish a central electricity buying agency to bring down power prices would cut costs to business and households.

Labour’s plan to amend the central bank’s monetary policy to include a lever over retirement savings would contribute to jobs growth easing interest rates and the kiwi dollar, making exports more competitive and increasing household disposable income, he said.

“This programme to drive economic growth and improve the lives of New Zealanders will be built on solid fiscal foundations,” Cunliffe said in a statement. “This is in keeping with our record of running consistent surpluses and paying down debt.”

Cunliffe’s policy announcement comes before Thursday’s annual Budget, where Finance Minister Bill English is expected to upgrade the government’s forecasts for economic growth, giving it room for modest new spending while building on a return to fiscal surpluses from the 2014/15 year.

The Green Party is to launch an alternative budget statement tomorrow, and the ACT party announced a flat tax policy over the weekend.

Across the Tasman, the newly elected conservative Coalition government of Prime Minister Tony Abbott will publish its first Budget, which is expected to include major cuts to government agencies, welfare programmes, and corporate support.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news