Parliament

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

 

CPI figures timely reminder of economic challenges

Hon Dr Michael Cullen
Minister of Finance

15 April 2008 Media Statement


CPI figures a timely reminder of economic challenges

Further increases in consumer prices are a reminder of the seriousness of current global economic challenges and the need for responsible fiscal policy in New Zealand, Finance Minister Michael Cullen said today.

The Consumer Price Index released by Statistics New Zealand today showed a 0.7 per cent increase in prices over the last quarter, taking the annual inflation rate to 3.4 per cent. Without the increase in global petrol prices, annual inflation growth would stand at 2.5 per cent.

“These are challenging times for the world economy with significant increases in food and petrol prices hitting all nations,” Dr Cullen said. “New Zealand cannot be immune to these challenges and the government certainly can’t control the price of food or petrol.

“But the reality is for many families that these high prices are hitting at the same time that the fallout from the subprime mortgage crisis in the United States is pushing up mortgage rates here at home. The pressures on households are real.

“In next month’s Budget, I will announce a three year programme of personal tax cuts, building on the $4.5 billion per annum in tax cuts the government is already delivering to families, business, and savers.

“I hope that the personal tax cut programme will provide some relief to families who are trying to make ends meet. It is important that the programme is responsible so as to not put further pressure on inflation.

“We entered this period of economic challenge from a very strong base, with the longest period of economic expansion since the second world war and record low unemployment. We are very well placed to weather the current global downturn, but we must keep our eyes focused on New Zealand’s long-term prosperity.”


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election