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

 


New Zealand economy falling further behind

18 December 2012
New Zealand economy falling further behind


The Government’s financial position is weaker than expected and, when benchmarked against other OECD economies, the New Zealand economy is being managed poorly, the Green Party said today.

Treasury figures released this afternoon in the Half Year Economic and Fiscal Update 2012 show that forecast growth will be lower, unemployment will remain high until 2015/16, while the current account deficit and net international investment position will continue to worsen.

“The National Government’s goal of returning the Government’s accounts back to surplus is looking more tenuous than ever,” said Green Party Co-leader Metiria Turei.

“National is just meeting its own, low economic performance benchmarks. However, when you benchmark the Government’s overall economic management, we’re doing worse than most other OECD countries.

“John Key needs to stop blaming the global financial crisis on his Government’s poor economic performance. Most other OECD countries have been managing the crisis better than our own.”

Parliamentary Library research commissioned by the Green Party shows that the New Zealand economy has performed relatively worse than the majority of countries in the OECD since 2009 – the trough of the global financial crisis. The data shows New Zealand scored 18th out of the 34 OECD countries for GDP growth, 22nd for changes in unemployment, 30th for the current account deficit, 28th for national savings growth, and 23rd for government debt.

“By nearly all measures of traditional economic success – growth, employment, the current account deficit, national savings, and government debt – New Zealand has performed relatively poorly when compared to the rest of the OECD,” Mrs Turei said.

“The National Government has made poor economic choices that have left the economy and the Government’s accounts worse off.

“Tax cuts for upper income earners were very expensive, did little to promote growth, and now make it more difficult for the Government to achieve a fiscal surplus.

“National’s failure to introduce a comprehensive tax on capital gains (excluding the family home) has not helped the Government’s accounts and failed to incentivise savings and investment in the productive economy.

“Spending $12 billion on new motorways with poor economic returns is another example of National’s failure to invest smartly in infrastructure to create jobs and secure our future prosperity.

“The Green Party has proposed measures the Government can adopt to create jobs and protect the environment while delivering a strong return to surplus.”

Parliamentary Library Research on New Zealand’s comparative economic performance:
http://www.greens.org.nz/sites/default/files/new_zealands_comparative_economic_performance_2009-2012.xls

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Pacific Spying: Mass Surveillance Of NZers Confirmed By Former GCSB Director - Contradicting PM John Key

Scoop Editor Alastair Thompson Reports: Yesterday morning former GCSB Director Sir Bruce Ferguson confirmed mass surveillance of New Zealnders in the Pacific is taking place as revealed in the latest Snowden leaks investigated by Nicky Hager. In 2013 John Key told press gallery reporters that in the event mass surveillance was found have been conducted by the GCSB, he and the director of the GCSB - his childhood friend Ian Fletcher - would resign. As the controversy deepens a year and half later Fletcher has already resigned. But will Key? More>>

Gordon Campbell: Legal Fudging Of The GCSB Revelations

As many have noted, the Hager/Snowden revelations of the spying by our security agencies on our Pacific neighbours and allies is a virtual re-run of the pre-election debate. It is a situation where the government (a) stonewalls, (b) baldly asserts that mass surveillance is not occurring despite the Snowden evidence that it is, and (c) claims that the GCSB actions were lawful. Yet as Greens Co-Leader Russel Norman says, this can be true only if the legislation passed last year by the Key government has made the mass surveillance of New Zealanders – and the related handing over of their private data to the NSA – lawful. More>>

Latest:

 

PARLIAMENT TODAY:

Women's Day, March 8: It’s Time For Men To Step Up For Gender Equality

UN Women is launching the HeForShe campaign in New Zealand at the International Women's Day Parliamentary Breakfast, and is calling on New Zealand men — including politicians and community and sports leaders — to show their commitment to gender equality by signing up to this global campaign. More>>

ALSO:

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system... More>>

ALSO:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news