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


Worst Ever June-Year Deficit Says Hide

The balance of payments figures released today confirm New Zealand’s worst ever current account deficit at $7.54 billion, according to Act’s Finance spokesman, Rodney Hide.

“The continued high deficit looks like it’s here for some time. This increase is a worry given earlier forecasts were for improvement,” says Mr Hide.

“The balance of payments deficit for the year to June 1999 stood at $4.16 billion. The deficit for the year to June 2000 announced today is $7.54 billion. This is the first time a current account deficit has worsened by over $3 billion in a 12 month period.”

The bad news comes on top of the revisions earlier in the week which showed the deterioration between June 1999 and March this year was greater than earlier thought- by around $800 million.

“The Government may try and shrug this off, blaming it on the frigate. But this is ridiculous. You can not blame a $3.3 billion deterioration on a $600 million frigate.” he says. According to Mr Hide, the Government must shoulder the blame for the economy’s worsening situation. The June-year deficit for this year is 80% worse than last year’s.

“The economy should be doing great- but the government is determined to stamp out economic activity and jobs, with bad legislation, punitive taxes, and absolutely nothing to inspire investor confidence.”

“Instead of admitting their mistakes, they [the Government] simply blame the American dollar, or oil prices, or get stuck into businesses for having no confidence in the Government.”

“When people leave the country taking hundreds of millions of dollars, you hear Mr Anderton saying ‘so what?’. This is a Government that really doesn’t care if the economy goes down the toilet.”


For more information visit ACT online at or contact the ACT Parliamentary Office at

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Spying On Politicians, Activists, Iwi, Quake Victims: "Failings Across Public Service"

A State Services Commission investigation into the use of external security consultants by government agencies has uncovered failings across the public service, including breaches of the code of conduct...

However, the inquiry found no evidence of widespread inappropriate surveillance by external security consultants on behalf of government agencies. More>>


Doesn’t Compromise Sovereignty: NZ To Back UN Migration Compact

Foreign Affairs Minister Winston Peters says New Zealand will support the UN Global Compact for Safe, Orderly and Regular Migration after being satisfied fears about the document are unfounded. More>>


Children's Commissioner: Child Poverty Law "Historic Cause For Celebration"

...It represents a cross-party commitment to a fundamental shift of policy for our most disadvantaged children and should help undo 30 years of damage to children from our most vulnerable families. More>>


Dope News: Binding Cannabis Referendum To Be Held At 2020 Election

The referendum on cannabis for personal use is part of Labour's confidence and supply agreement with the Greens. It could be one of potentially three referenda - decisions have yet to be made about euthanasia and changes to electoral laws. More>>


Vic: Victoria University Name Change Rejected

Education Minister Chris Hipkins has declined Victoria University of Wellington Council’s application for a legal name change. More>>


PM's Post-Cab 17/12/18: Chief Justice, M Bovis

Prime Minister Jacinda Ardern's final post-cabinet press conference of the year focussed on announcing the appointment of Helen Winkelmann as the next Chief Justice, and an update on effort to eradicate Mycoplasma bovis from New Zealand. More>>


Law Commission Issues Paper: Use Of DNA In Criminal Investigations

In the 22 years since the Act came into force, it has become clear that the modern-day fingerprint analogy is increasingly inapt... Theoretically, whole genome sequencing could ultimately become the standard method of analysing a DNA sample. Such a development will give a new perspective on the concept of genetic surveillance in the criminal context. More>>

State Highways: $1.4 Billion For Road Safety Improvements

The Safe Network Programme will make 870 kilometres of high volume, high-risk State Highways safer by 2021 with improvements like median and side barriers, rumble strips, and shoulder widening. More>>





InfoPages News Channels