National’s $10.5 billion failure
Spokesperson for Finance
20 March 2013
National’s $10.5 billion
The fall in exports and the rising
current account deficit proves that National’s promise to
rebalance the economy has clearly failed, says Labour’s
Finance spokesperson David Parker.
“Our exports fell by
$1.3 billion from the year ended September 2012 to the year
ended December 2012. That is a significant drop that has
cost jobs. New Zealand has become poorer as a result. We
have had to increase our borrowing as a country. That’s
not good enough.
“The current account deficit has risen
from 4.7 per cent of GDP to five per cent. Collectively New
Zealanders now spend $10.5 billion more than we earn. We are
simply not selling enough products and services overseas to
cover what we import and the interest we pay.
international liabilities have also worsened. They are now
$150 billion and 72 per cent of GDP.
to rebalance the economy and increase exports. They have
clearly failed. We have lower growth than our major trading
partners Australia, the USA and China. We should be doing
“Labour has the policies to rebalance the
economy and get our country back in work and back in the
black. And New Zealanders support them. Raising the
retirement age will limit the impact of our ageing
population, universal KiwiSaver will boost our savings and
investments, and a capital gains tax will direct those
investments into the exporting side of the
“National’s policies are failing New
Zealanders, they must change tack,” says David Parker.
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