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 The Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
More RSS  RSS
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news