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

Gordon Campbell:
On War Crimes And The Afghan Insurgency

Truly, with friends like former defence Minster Wayne Mapp, the SAS does not need enemies. At the very least, the Hit and Run book has raised the possibility that the New Zealand SAS committed war crimes in the attack they led in Afghnistan upon the villages of Naik and Khak Khuday Dad...

Mapp’s attempted defence of the SAS on RNZ this morning unintentionally indicated that collective punishment was baked into the planning exercise for the raid, and also into how the raid proceeded on the ground. More>>

 
 

Little Heading For Court: Apology Over Donation/Hotel Contract Claims Not Accepted

Today I want to publicly apologise unreservedly to Mr Hagaman for any hurt, embarrassment or adverse reflection on his reputation which may have resulted from my various media statements. I have offered that apology to the Hagamans. More>>

ALSO:

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

OutsKey: John Key's Valedictory Speech

I rise to address this House for the very last time. It has been a huge privilege to have served the people of Helensville as their member of Parliament, and, of course, the people of New Zealand as their Prime Minister. More>>

ALSO:

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

PM's Press Conference: Water Everywhere

Monday's Post-Cabinet press conference focused on water, with the Prime Minister fielding questions about the possibility pricing water taken for export. Mr English said the government was directing their water allocation technical advisory group to include export water in considerations. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news