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

 


New Zealand economy going nowhere

David Cunliffe
Economic Development Spokesperson

12 April 2012

New Zealand economy going nowhere

Latest data shows New Zealand’s economy is still struggling to claw its way out of an extended rut, Labour's Economic Development spokesperson David Cunliffe says.

“Statistics NZ today revealed total electronic card transactions are down 0.2 per cent and tourism guest nights are down 2 per cent, with international arrivals down in both Islands, reflecting four straight years of decline for tourism receipts.

“On top of that the NZ Institute of Economic Research published its highly regarded Quarterly Survey of Business Opinion (QSBO) this week. That showed a ‘crab-like recovery’ of an economy ‘going sideways’,” David Cunliffe said.

"NZIER's findings are disturbing. Trading activity of firms is flat - at 0 per cent - and there has been no acceleration in the recovery over the last nine months.

"There is a worrying absence of business investment. Investment intentions are down in line with capacity pressures. This is hardly surprising with an exchange rate that is consistently overvalued and the lack of a credible government economic growth plan.

"At the same time there are predictable but mounting labour and housing shortages in Canterbury, which alongside the standoff between EQC and insurers, is hugely debilitating for the earthquake rebuild.

"Business and Economic Research Ltd’s (Berl) latest forecasts show the economy is ‘in a holding pattern at best, or at worst a double dip recession’. They warn of a ‘two speed economy’ with declining export performance, falling commodity prices and tourism receipts and further delays in Christchurch; offset against a rent-driven housing surge in Auckland.

"Isn't this precisely the kind of rollercoaster the government said it would get us off?

"New Zealand needs a credible plan for growth and jobs that builds on our unique natural resource base and talented, innovative people," David Cunliffe said.

"Three and a half years into this sorry Government and Kiwis are still waiting for one.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

3-Year Transport Plan: No Plans On Six Northland-Election Bridges

The Transport Authority’s decision to fund only four of the 10 bridges promised in National’s shameless Northland by-election bribe is a huge embarrassment for Transport Minister Simon Bridges, Labour’s Transport spokesperson Phil Twyford says. More>>

ALSO:

Family Violence: Increasing Reporting But Fewer Resolutions

“We are aware the Police have embarked on a significant programme of change in how they respond to family violence. The data suggests that adequate resourcing including investing in staff training, support and culture change will be required for this to be effective.” More>>

ALSO:

Health: NZ Children Still Suffer Rickets From Lack Of Vitamin D

Vitamin D deficiency continues to cause rickets in young New Zealanders, new University of Otago research has found. The researchers say that their finding suggests that at-risk mothers and children should be better targeted for Vitamin D supplementation. More>>

Also GPs, Housing, Milk: PM Press Conference On The UN Security Council

In a press conference today the Prime Minister discussed the upcoming appointment of New Zealand to chair the UN Security Council. He said they would put pressure Asad in Syria and attempt to “jump start” negotiations between Israel and Palestine. More>>

ALSO:

Housing: State Houses Could Sell To Overseas Groups

Bill English’s admission that he would sell hundreds of New Zealand’s state houses to the Australians is the latest lurch in the Government’s stumbling, half-baked housing policy, Labour’s housing spokesperson Phil Twyford says. More>>

ALSO:

AND:

Gordon Campbell: On Climate Change Protest, And Iraq Training

For sheer style, humour and content fit for purpose, it would be hard to beat the Greenpeace protest at Parliament. The fact that the hanging of functioning solar panels from Parliament Buildings caused such spluttering outrage among fogeys old (David Carter) and young (David Seymour) added a Monty Python level of amusement to the whole event. More>>

ALSO:

Speech: Bill English Explains NZ Government To Australia

Here I am part of a successful government, now into its third term and hopefully with more to come. I want to offer some thoughts tonight about the business of government, from a centre-right perspective. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news