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

 


Trade deficit explodes, Government crosses fingers

Petroleum imports on fire, trade deficit explodes, Government crosses fingers

28 June 2006

The Government must take action now to reduce New Zealand’s dependence on imported fossil fuels to reduce the spiralling trade deficit, the Green Party says.

“The explosion in the cost of petroleum imports has pushed the monthly merchandise trade deficit to $104 million, the worst ever recorded for a May month,” says Russel Norman, Green Party Co-Leader.

The annual merchandise trade deficit for the year ended May 2006 is now nearly an incredible $7 billion and there has been an increase in the cost of petroleum and petroleum product imports of $1.2 billion over the May 2005 year.

“Oil imports now account for 13.3% of all imports, up from 11.2% in the year to May 2005. Oil by itself now accounts for 75% of the record merchandise deficit,” says Dr. Norman, the Green Party spokesperson on economics.

“The Government is very focussed on exports but it must also pay attention to the cost of imports if we are to bring our trade deficit and current account deficit under control.

“This is actually a major structural problem in the economy and the Government needs to more than cross its fingers and hope it will get better as a result of the falling dollar – we need a public transport plan.

“We need a plan to move freight off the roads and onto shipping and rail, and a plan to move passenger transport onto buses, trains and cycling in our urban centres.

“People are caught between inadequate public transport and rising petrol prices – they desperately need better public transport now.

“But, instead, the Government in the last budget went on a motorway building spending spree and projected declines in the spending on public transport infrastructure.

“Reducing our dependence on imported oil would be good for the economy, it would be good for the environment by reducing our greenhouse gas emissions, and it would be good for people caught between inadequate public transport and rising petrol prices.

“Let’s be honest with ourselves – we are facing the end of cheap oil, let’s prepare ourselves for it,” said Dr. Norman.

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