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

 


Foreign Ownership Makes BoP Deficit Worse

The Green Party says New Zealand's Balance of Payments deficit will only get worse if the government continues to encourage foreign investment in our country.

The comment follows today's Statistics New Zealand announcement that the current account deficit for the December 2000 quarter has increased by $342 million, with profits from foreign-owned companies in New Zealand rising by $411 million.

"The more our country is sold off overseas the worse off we will be," said Green Co-Leader Rod Donald.

"Our farmers and other exporters are doing their best to increase exports but the goods surplus of $320 million was wiped out by the profits we owe foreigners.

"At the same time returns from New Zealand investments overseas slumped by $134 million, exposing the falacy promoted by the government that an open investment regime will have a net benefit for New Zealand.

"Kiwis are working harder than ever, only to see the fruits of their labour disappear overseas," he said.

"Worst of all, their jobs are disappearing too as foreign owned companies, such as the Singaporean owned DB Group which has just closed down the Monteiths brewery, put profits ahead of local staff and the community.

"It's time we took charge of our economic destiny and invested in New Zealand enterprises. Let's learn from our mistakes and start buying back New Zealand before it's too late," said Mr Donald.

Ends


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news