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 Journalism’s Future In The Era Of “Alternative Facts.”

Already, the White House has made it clear that the media are the new enemy that the new President’s supporters will be encouraged to unite against. (What else can they do now they don’t have Hillary Clinton to demonise any more?)

The fantastic phrase “alternative facts” coined by Trump spinmeister Kellyanne Conway captures the media strategy in a nutshell. More>>

 

Employment: Minimum Wage To Increase To $15.75

The minimum wage will increase by 50 cents to $15.75 an hour on 1 April 2017... The starting-out and training hourly minimum wage rates will increase from $12.20 to $12.60 per hour, remaining at 80 per cent of the adult minimum wage.More>>

ALSO:

Housing: Sit-In Occupation To Stop Niki’s Eviction

The Tāmaki Redevelopment Company hopes to issue a Possession Order for 14 Taniwha Street, Glen Innes. This will give them the ability to forcibly evict Ioela ‘Niki’ Rauti who has lived at 14 Taniwha Street for 21 years... More>>

ALSO:

Gordon Campbell: On Bill English, Abroad

If David Cameron was the closest thing John Key had to a political mentor, their successors also share a whole lot in common. Theresa May and Bill English were both propelled into the top jobs as the result of unexpected resignations, and without much in the way of credible competition from their colleagues... More>>

ALSO:

Pike River: Labour Bill To Override Safety Act For Mine Entry

“Bill English has been hiding behind the legal excuse that any attempt to re-enter the mine to recover the bodies might place the mine’s owner, Solid Energy Limited, and its directors in breach of the Health and Safety at Work Act 2015." More>>

ALSO:

Gordon Campbell: On Populism And Labour 2017

For many people on the centre-left, populism is a dirty word, and a shorthand for the politics of bigotry. In this country, it has tended to be equated with the angry legions of New Zealand First. Who knew they were not just a reactionary spasm, but the wave of the future? More>>

Oxfam: 30% Of NZ Owns Less Wealth Than Our Two Richest Men

The research also reveals that the richest one per cent have 20 per cent of the wealth in New Zealand, while 90 per cent of the population owns less than half of the nation’s wealth. The research forms part of a global report released to coincide with this week’s annual meeting of political and business leaders at the World Economic Forum in Davos, Switzerland. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news