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National’s economic performance ‘tragic’ for Kiwis

Tuesday, 21 February 2012, 12:13 pm
Press Release: New Zealand Labour Party


David
PARKER
Finance Spokesperson

21 February 2012 MEDIA STATEMENT
National’s economic performance ‘tragic’ for Kiwis

While John Key and Bill English can’t agree whether they are guessing or guesstimating about potential revenue from asset sales, the underlying performance of the economy on their ‘watch’ is getting worse, says Labour’s Finance spokesperson David Parker.

“If the architects of the National Government can’t agree that they know what they’re doing, or what the outcome of what they’re doing will be, it’s hardly reassuring for Kiwis who are facing increasing uncertainty in the jobs market and rising costs of living,” David Parker said.

“Perhaps the least reassuring comment of all in the past week has been this little gem from Bill English in the New Zealand Listener --- ‘A government can’t have a lot of impact on the job market. It is what it is.’

“For Kiwis, it’s almost tragic,” David Parker said. “National has basically given up. Increasingly, the only measure of reality that the Government feels it can fall back on is the level of the government deficit, but that’s not the real issue.

“National is refusing to come to grips with the size of the New Zealand deficit. That’s the real issue, and that is what the international credit agencies are interested in. As a country we are getting poorer every year, and National has no plan to turn this around other than selling our assets. That won’t pay our way in the world. We’ll end up owing even more overseas.”

David Parker said last week’s Budget Policy Statement made it obvious that the Government has no clear handle on the overall fiscal impact of its so-called mixed ownership model. “If the Government is unclear, no wonder Kiwis are so nervous --- and so opposed to the sale of assets that once gone, they and their dividends are gone forever.

“And no wonder John Key and Bill English are forced to resort to guessing and guesstimating. There’s nothing else for them to do in effect if they continue to refuse to take charge of the country’s destiny by addressing the structural problems of our economy.

“The Government’s own advisors say that unless it makes structural changes to tax, savings and investment policies, New Zealand’s current account deficit will be $17 billion by 2016, funded by borrowing or asset sales. Our net liabilities to the world get worse.

“National is now a second-term government. It can’t blame anyone else for our woes. So much for the bright future John Key promised. It’s hardly bright to get poorer every year. Running the country’s economy by guesswork has to stop.”

ENDS

 
 
 
 
 
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