Parliament

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

 

Greens Reveal Major Imbalances In NZ Economy

Greens Reveal Major Imbalances In NZ Economy

An economic report commissioned by the Green Party shows that the National Government’s stated objective of rebalancing the economy has failed and reveals major underlying vulnerabilities.

The Green Party commissioned report from BERL, Rebalancing the New Zealand Macroeconomic Environment – Progress Since 2008, shows that on four out of five rebalancing measures the National Government has moved backwards. The report found that “the underlying factors driving New Zealand’s macroeconomic imbalances not only remain…they have deteriorated considerably since 2008.”

“The National Government has failed to rebalance our economy as promised,” said Green Party Co-leader Dr Russel Norman.

“Future generations will be worse off as a result of this failure and our economy will be less resilient to future economic shocks.

“Bill English made rebalancing the economy his primary goal in earlier budgets. Now he doesn’t talk about rebalancing at all.

“On nearly all the key rebalancing measures we are going backwards.

“Employment in the tradable sector is declining while inflation remains driven by the non-tradable side of the economy.

“Worryingly, growth of finance for households is again outpacing that for industry and business by a factor of twelve. New Zealanders are speculating on property rather than investing in the productive enterprises that will enable us to pay our way in the world again.

“Under Bill English’s economic management, the productive economy has languished. This will not be a strong, sustainable recovery. This will not be a jobs-rich economic recovery.”

Dr Norman highlighted three initiatives that would work to rebalance the New Zealand economy.

“Our comprehensive tax on capital gains (excluding the family home) will drive much-needed investment from property speculation into the productive economy, assisting economic rebalancing,” Dr Norman said.

“The Green Party will strengthen Kiwibank, allowing it to retain its earnings to grow faster – adding a further capital injection, if necessary. We want to help build Kiwibank into a sophisticated retail and commercial bank, with the scale needed to lend to productive enterprise.

“Finally, the Reserve Bank needs both a broader mandate and new tools to address economic rebalancing.

“The Green Party is prepared to make the smart decisions needed to rebalance the economy to provide a better future and greater opportunities for young New Zealanders.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election