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

 


Nats fail to rebalance the economy

20 March 2013

Nats fail to rebalance the economy

The $10 billion a year current account deficit is proof of National’s failure to manage the economy and puts New Zealand on a dangerous path of unsustainable debt, Green Party Co-leader Dr Russel Norman said today.

“The sucking sound is getting louder as more and more of New Zealand’s wealth is siphoned out of our country and heads overseas,” said Dr Norman.

“National has failed to rebalance the economy. Our current account deficit is now over $10 billion a year and growing.

“The over-valued dollar is hurting our exporters and letting imports undercut local businesses. The result is we’re importing more than we export.

“That costs jobs and means we have to take on debt or sell assets to cover the gap. We now owe the world a net $150 billion.

“In the last year, we lost $10 billion in net interest payments and dividends to overseas investors. That’s a huge slice of the wealth our economy created disappearing overseas.

“National’s response is to bury its head in the sand and pretend there’s no problem. But the forecasts are clear. On our current path, Treasury projects that our net international debt will explode to over $200 billion within four years.

“To turn this situation around we urgently need a suite of measures that bring down the currency so our businesses can compete on a level playing field and that control foreign investment to stem the flood of money that we’re losing overseas.

“The smart, green solutions are not revolutionary, or even unorthodox. They’re sensible, well-proven measures like capital gains tax excluding the family home; giving the Reserve Bank a mandate to protect Kiwi jobs and the tools to do it; and government procurement policy that unapologetically favours Kiwi businesses and Kiwi jobs.

“If we want a successful economy, we need to fix the problems that are leading us into unsustainable debt. If we stay on the path we’re on, the destination is Greek-style collapse,” said Dr Norman.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Urgent Bill Planned:
MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency.

Mr Key says the decision was made after the Remuneration Authority’s latest determination which saw the total remuneration received by MPs increased by about 3.5 per cent...

The new legislation will be backdated to 1 July 2014, meaning the pay increase outlined in the latest determination will not be awarded. More>>

 

PARLIAMENT TODAY:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news