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

 


There really was a double dip recession

David
PARKER
Spokesperson for Finance

20 December 2012 MEDIA STATEMENT
There really was a double dip recession!

New figures show New Zealand endured a double-dip recession in 2010, at the same time as National’s ‘tax-switch’ that raised GST came into force, says Labour’s Finance spokesperson David Parker.

“Historical revisions to GDP published today now show that New Zealand endured a ‘double dip’ recession in the second half of 2010 with -0.3% growth in both the third and fourth quarters of 2010.

“And right in the middle of the recession National’s ‘tax switch’ of a GST rise and cuts to high-income tax came into force. National has trumpeted its tax switch as a boost to the economy. But the truth is it kept growth negative and held the economy in recession.

“National’s tax switch was not only unequal and unfair, it choked off demand and the economy shrank.

“New Zealanders know that the past few years have been tough and most haven’t seen any significant lift in wages or living standards. That’s because the reality is that economic growth has been anaemic.

“National promised it would create a brighter future. It is now clear we suffered a double-dip recession instead. Since then the economy has stagnated. That’s a poor track record.”

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Russel Norman Resignation

While not the decisive factor, last year’s election result must have made it easier for Greens Co-Leader Russel Norman to finally call it a day. After three years of solid campaigning on social justice, economic and environmental issues – and amidst another round of self-destruction by Labour, its ally and rival on the centre-left – the Greens had realistically expected to end up close to 15 % on election day. Instead, it barely held its own, and failed to increase its vote.

This would have been an especially bitter result for Norman. For the past six years, Norman has been the de facto leader of the Opposition – especially after Labour lost the plot with a series of inept leaders and a chronic identity crisis about what, if anything, it now stood for. More>>

 

Education: As Predicted, Charter Schools In Trouble

QPEC: When the government changed the Education Act to allow for charter schools, it bet that a bunch of non-educators using their own untested theories of education could run schools for our most disadvantaged students and achieve better results than state schools. More>>

ALSO:

Quick By-Election Expected: Mike Sabin Announces Resignation As Northland MP

Northland MP, Mike Sabin, today announced he has resigned from Parliament, effective immediately. Mr Sabin said he had decided to resign due to personal issues that were best dealt with outside Parliament. Mr Sabin will not be making any further comment. More>>

ALSO:

Gordon Campbell: On The Eleanor Catton Rumpus

If anyone was in doubt about the accuracy of the comments made in India by Eleanor Catton, the reaction from some quarters here at home has gone a long way to proving her point… More>>

ALSO:

More Rent Assistance, Less State-Owned Housing: John Key Speech - Next Steps In Social Housing

"We are going to ensure that more people get into social housing over the next three years, whether that is run by Housing New Zealand or a community provider. The social housing budget provides for around 62,000 income-related rent subsidies a year. We are committed to increasing that to around 65,000 subsidies by 2017/18, which will cost an extra $40 million a year." More>>

ALSO:

The Future Of Work: Andrew Little - State Of The Nation 2015

In 2005 when I led the EPMU we worked together with Air New Zealand to find a way to keep engineering jobs that were heading overseas. A lot of these workers were people I’d known for years and they were facing not just losing their jobs but not being able to find the kind of work they do without going overseas. A lot of people were facing personal and financial upheaval.... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news