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Xenophobia no match for sound economics

Xenophobia no match for sound economics

New Zealand leader Winston Peters fails to grasp basic economic realities in his misguided campaign which links New Zealand’s net debtor position and rising current account deficit with overseas investment in New Zealand, according to Gordon Copeland, United Future’s revenue spokesperson.

“I am amazed that Winston Peters manages to find some sort of foreign scapegoat for virtually every problem that comes along.

“It is time that commentators began to challenge some of his fundamental economic faux pas. The fact is that ongoing overseas investment is vital to New Zealand’s economic success.

“Overseas investment in New Zealand business activity actually brings new funds into our economy reducing, not increasing, our net debtor position and likewise reducing, not increasing, the current account deficit.

“We need to remember that most of the money foreigners invest here goes into the pockets of New Zealanders who can then use it either to repay debt (including overseas debt) or new investment. Such an investment cycle creates a dynamic which is positive for family incomes.

“It’s time commentators began to ask Winston Peters the hard questions before he does further damage by scaring away overseas investors,” said Mr Copeland.

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