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

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home.

To the US, drones are a legitimate response to the threat posed by the al Qaeda organisation and its franchisees... To the US, the drones carry the added advantage of not putting US troops at risk on the ground, and minimises the need for putting them in large numbers in bases in the countries concerned, always a politically sensitive point.

The counter-argument, well articulated by security analyst Paul Buchanan on RNZ this morning, is that this particular drone attack can be said to amount to an extra-judicial execution of a New Zealand citizen by one of our military allies, in circumstances where the person concerned posed no threat to New Zealand’s domestic security. More>>

 

Parliament Today:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Bad Transnationals: Rio Tinto Wins 2013 Roger Award

It won the 2011 Roger Award and was runner up in 2012, 2009 and 08. One 2013 nomination said simply and in its entirety: “Blackmailing country”... More>>

ALSO:

Select Committees: Tobacco Plain Packaging Hearings

The Stroke Foundation is today backing the Cancer Society and Smokefree Coalition who are making oral submissions to the Health Select Committee in support of proposed legislation to remove of all branding from tobacco products. More>>

ALSO:

Milk: Oravida Asked For Cabinet Help

New evidence released by New Zealand First today reveals Justice Minister Judith Collins used her position to manipulate the Government to help her husband’s company, Oravida, after the Fonterra botulism scare, says New Zealand First Leader Rt Hon Winston Peters. More>>

ALSO:

With Conditions: Ruataniwha Consents Approved In Draft Decision

The Tukituki Catchment Proposal Board of Inquiry has granted 17 resource consents relating to the $265 million Ruataniwha Water Storage Scheme in a draft decision that would open more of the Hawke’s Bay to irrigation. More>>

ALSO:

Fast Lanes, Campervans: Labour 'Making The Holidays Easier For Kiwi Drivers'

The next Labour Government will make the holidays easier and journeys quicker for Kiwi families driving on the roads, says Labour Leader David Cunliffe. More>>

ALSO:

Gordon Campbell: On Royalty And Its Tourism Spin-Offs

Ultimately the Queen’s longevity has been one of her most significant accomplishments. A transition to Prince Charles while the monarchy was in the pits of public esteem in the mid to late 1990s would have been disastrous for the Royal Firm. Far more congenial representatives have now emerged... More>>

ALSO:

Privacy (Again): ACC Demands Excessive Privacy Waivers

Labour: “This is just another example of ACC under National deliberately acting to deny treatment and compensation... Those who did fill in the form have effectively been victims of yet another ACC privacy breach. This time Judith Collins knew it was happening..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news