Rt Hon Winston Peters
New Zealand First Leader
20 December 2012

Economic Woes Caused By Our Complacent Government

New Zealand First says there are little grounds for pre-Christmas cheer in the latest growth figures which shows the New Zealand economy has well and truly run out of steam.

Data released today by Statistics New Zealand shows the economy grew by an anaemic 0.2 per cent for the September quarter. That’s 0.5 per cent for the half year, or annualised, an economic disaster.

Rt Hon Winston Peters says the abysmal growth figure was matched by other bleak economic indicators.

“Unemployment is already at 7.3 per cent and is forecast to remain high, the current account deficit has blown out, and the Government’s much-touted budget surplus by 2014/15 is wafer thin.

“Given this picture of on-going economic weakness, the Government’s complacency is inexcusable.”

Mr Peters says action must be taken now to remedy the ailing economy which is becoming over-reliant on the Christchurch rebuild.

“The Reserve Bank Act must be amended to address the grossly overvalued exchange rate to help our exporters and generate jobs.
“There must be additional support given to the manufacturing and service sectors, including giving New Zealand firms given preference for government contracts.

“We are also calling for a proactive approach to employment, including tighter immigration controls, to ensure New Zealand jobs go to the New Zealand workforce,” says Mr Peters.
ENDS

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