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National’s $10.5 billion failure

Spokesperson for Finance

National’s $10.5 billion failure

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.

“Our net international liabilities have also worsened. They are now $150 billion and 72 per cent of GDP.

“National promised 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 better.

“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 economy.

“National’s policies are failing New Zealanders, they must change tack,” says David Parker.

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