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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news