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


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.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Key In NY: Prime Minister Addresses United Nations

    Prime Minister John Key has addressed the United Nations General Assembly in New York, focusing on a call for action in Syria and on other conflicts, reform of the veto process and on the UN’s Sustainable Development Goals. More>>.


    Gordon Campbell: On The Lack Of Accountability Over Philip Smith

    In New Zealand, accountability is an exotic creature rarely glimpsed at ministerial level, or among senior management. The flight to Rio by the paedophile /murderer Philip John Smith/Traynor is no exception. More>>


    More On Corrections

    Gordon Campbell: On Putin’s Diplomatic Coup Over Syria

    There’s a simple historical precedent for what is occurring in Syria. During WWII, the Allies joined forces with a known butcher and tyrant – Joseph Stalin of the Soviet Union – in order to defeat a greater evil, Nazi Germany… More>>


    Key 'Didn't Know': Brownlee Seeks Pandas In China

    While Defence Minister Gerry Brownlee is in China pushing a taxpayer funded deal to bring two pandas to New Zealand, the country’s military look set to be hit with a pay freeze, Opposition Leader Andrew Little says. More>>


    Scoop Business: GCSB Willing To Extend Cyber-Attack Programme To Local ISPs

    The Government Communications Security Bureau’s ‘Cortex’ cyber-security programme has been successful in helping identify and mitigate a series of cyber attacks since its introduction and an extension to cover local internet service providers is still on the cards... More>>


    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news