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National’s anaemic economy only growing inequality

Spokesperson for Finance

20 December 2012 MEDIA STATEMENT
National’s anaemic economy only growing inequality

National’s anaemic economy is funnelling the meagre proceeds of growth into the hands of a minority of New Zealanders who were already best-off, while ordinary New Zealand families struggle to meet the bills and unemployment is over 7%, says Labour’s Finance spokesperson David Parker.

“At 0.2%, growth in the last quarter was closer to 0 than 1%. The vast majority of New Zealanders are no better off. That’s because National is creating the highest inequality levels ever.

“Under National, what little growth there is goes to those already well off. For the rest of New Zealand, job insecurity is high, friends and family are being laid off, wage growth is at a bare minimum and manufacturing is down again.

“On every economic measure National is failing. In one week we’ve discovered that under this Government no extra jobs were created this year, petrol prices will rise by 9cents, our external deficit is $10 billion and set to get worse, and online job ads are down. Little wonder record numbers of New Zealanders have left for Australia.

“Our economy is stagnant. Just about the only growth is from the Canterbury rebuild, and the government cannot claim credit for that.

“New Zealanders are now realising the risks of being run by a National Government with no economic plan besides selling assets and raising petrol prices. When confronted with these failings, it points the finger of blame everywhere else.

“That’s not good enough anymore. The economy has been stagnating for four years now and the Government is taking this country backwards.

“It’s time for National to stop blaming everyone else. We have low growth and high unemployment. Surely now the Government will acknowledge it is on the wrong track and the hands-off approach is failing,” David Parker said.

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