National accounts appalling news for the economy

Tuesday, 9 November 1999, 5:33 pm
Press Release: New Zealand Labour Party

Labour deputy Leader Michael Cullen said the Provisional National Accounts released today contained appalling news for the economy.

"Last year our national savings were at their lowest level since 1979. The savings ratio has dropped in each of the last five years and for the last year was less than a quarter what it was in 1993 as a proportion of gross domestic expenditure.

"That includes the period of two tax cuts. In neither case did those tax cuts lift national savings. If anything, the reverse seems to be the case.

"Nor can the growth of government be blamed. Central government final consumption as a proportion of gross domestic expenditure was 13.5 percent in 1993-1994 and 13.2 percent in 1998-1999.

"But the failure to save enough is driving up the outflows of property and entrepreneurial income from 4.9 percent of GDE in 1993-1994 to 7.7 percent in the last year.

"Once again National's hands-off management stands exposed," Dr Cullen said.

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