Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Trade Deficit Blowout a Ticking Bomb - Greens

28 January 2000

Trade deficit blowout a ticking bomb

The Green Party has described today's $3.6B trade deficit as a ticking bomb and is calling on the Government to take urgent action to address the crisis.

Overseas Merchandise Trade figures released today by Statistics New Zealand show imports climbing steeply and the gap with exports growing to an annual deficit of $3.621B for the year to December 1999. This value includes $631M for the frigate Te Mana.

"The December year deficit is more than double New Zealand's previous worst deficit in 1984, even after you deduct the cost of the frigate," said Green Party Co-Leader Rod Donald.

"We are no longer an export-led economy and we are unlikely to become one until the Government faces up to the reality that so-called free trade has caused the trade deficit blowout.

"Just today Trade Negotiations Minister Jim Sutton accused opponents of trade liberalisation as having 'rocks in their heads' (National Business Review p14). I would like to ask Mr Sutton what's in his head if he thinks it's OK for New Zealand to continue on the disastrous course set by the previous National government," said Mr Donald.

"In the same way that the Labour Alliance government is rejecting new-right ideologies in health and education, we urge them to adopt a rational common-sense approach to trade.

"There is certainly potential for New Zealand to increase exports, especially if we capitalise on our clean green image by shifting primary production to organics, but we must also take action on the rampant growth in consumer good imports," he said.



"Essentially this means promoting import substitution, both to get the trade deficit from the red into the black and also to create new jobs.

"There are a range of mechanisms available to achieve this, including tariffs, import controls and lowering the exchange rate, but first the government must acknowledge New Zealand's trade crisis and face up to it," he said.

Contact Rod Donald on 04 470 6660 or 025 507 183


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

SCOOP COVERAGE: CHRISTCHURCH MOSQUES TERROR ATTACK


RBNZ Act Review: Govt Plans Deposit Guarantee Scheme

The Coalition Government today announced moves to make New Zealand’s banking system safer for customers through a new deposit protection regime, and work to strengthen accountability for banks’ actions.

The in-principle decisions are part of Phase 2 of the Review of the Reserve Bank Act, which is making sure the 30-year old laws regulating our banking system are up to scratch. More>>

 

Stats NZ: Gender Inclusive Questions Introduced

More than 28,000 New Zealand households will be asked to take part in the upcoming Household Economic Survey. Starting this year, the survey will ask people to describe their gender – whether that is male, female, or if they see themselves another way, such as one of many non-binary genders. More>>

New Report: Are We Listening To Children?

A report released today is a sharp reminder that what children and young people say makes a difference, and that it’s time we paid more attention to their views, says Children’s Commissioner Andrew Becroft. More>>

ALSO:

The Nation: Canadian Euthanasia Practitioner Stefanie Green

The euthanasia debate is progressing, with the End of Life Choice Bill expected to have its second reading in Parliament on Wednesday. A similar bill was passed in Canada in 2016 ... More>>

ALSO:

Gordon Campbell: On The Gun Buy-Back Scheme

Do gun amnesties and buy-backs save lives? Since it’s always difficult to exclude all of the socio-economic factors that may be operating in parallel, the die-hard denialists in the gun lobby will always be able to find a bit of wiggle room. More>>

ALSO:

Gordon Campbell: On The New Op Burnham Revelations

Eight centuries ago at Beziers in France, the papal soldiers besieging the town faced much the same problem as the New Zealand troops engaged in Operation Burnham – namely, how to how to tell the difference among the town’s inhabitants as to which were Cathar heretics, and which were true Catholics... More>>

ALSO:

World Refugee Day: Former Refugees Say Policy Must Change

This year, 1000 refugees will be able to resettle here in New Zealand - but there are restrictions on where those people can come from. More>>

ALSO:

The Lobbyist Staffer: PM Defends Handling Of Conflicts Of Interest

Prime Minister Jacinda Ardern says she's comfortable with the way her interim chief of staff's conflicts of interest were managed. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels