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Building on a deflationary spiral


Finance Spokesperson

31 January 2012


Building on a deflationary spiral

Figures out today showing building consents are at their lowest since records began in 1965 are another example of this Government’s unambitious economic ‘management’, Labour’s Economic Development spokesperson David Cunliffe says.

"With just 13,662 new consents issued last year - down 13% on the already woeful 2010 - today's data fits with a slew of disturbing recent news that shows real Kiwi businesses are suffering.

“The deflation in the last quarter of 2011 ‘surprised’ the government apparently, the Reserve Bank is keeping the OCR on hold well into 2012, tax forecasts are down and John Key is warning the return to surplus in 2014/15 is a fading dream,” David Cunliffe said.

"The Prime Minister can't talk down expectations fast enough to excuse the sad mess that is the domestic economy.

“His Finance Minister wants to cut spending further and Steven Joyce has vanished without trace. Major New Zealand banks are now warning that the first quarter of 2012 at least will be no better than 2011.

"This has all the signs of a classic deflationary spiral,” David Cunliffe said.

"The answer is not more retrenchment, but a real economic development plan that will create jobs and boost growth.

"New Zealanders have given up waiting for one from this directionless National Government, whose answer to every problem appears to be to cut it down and sell it off.

"Labour will champion an alternative approach that gets Kiwis back to work building the country, up not selling it off,” David Cunliffe said.

“Even John Key’s cycle trail has petered out somewhere between a mountain and Oamaru.”

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