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


Copeland attacks 'lazy' debt

Copeland attacks 'lazy' debt

It is time to address the "nation's balance sheet" which sees New Zealand as the most indebted nation in the OECD, United Future finance spokesman Gordon Copeland said today.

"We have got to be worried about this because it is not what could be described as 'healthy' debt - a lot of it is lazy debt that achieves nothing," Mr Copeland said.

"I'd be a lot happier if the country's $80 billion had been borrowed by businesses for strategic gearing to generate wealth, but the fact is that some $23 billion worth of private sector borrowing from overseas has gone into non-revenue producing assets such as cars and houses.

"In all, the country's net external liabilities are close on 55 percent of our GDP.

"Those numbers have got to start ringing alarm bells," he said.

"And with the Budget coming, the Government can't hide behind a balanced Budget. That is simply not enough.

"It is worth noting that during the Great Depression of the 1930s, the Crown's balance sheet was positive and its budget was balanced," Mr Copeland said. "Look where it got them."

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>


Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


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>>


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>>


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>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news