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There really was a double dip recession

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.”

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