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

 


National overdraft $25b in the red by 2017

David

PARKER

Spokesperson for Finance

29 May 2013 MEDIA STATEMENT
National overdraft $25b in the red by 2017

New Zealand’s national overdraft will hit negative $25 billion in just four years, showing National has failed in its promise to rebalance the economy, says Labour’s Finance spokesperson David Parker.

“National is running a two-speed economy. The export sector is stuck in low gear while property speculators are in overdrive. New figures from NZIER today show the current account deficit, or the national overdraft, will hit minus 10% by 2017. It is already the worst in the developed world, so National has already failed.

“Bill English promised to rebalance the economy. The test for a balanced economy is whether we are earning more from our exports than what we pay for our imports and interest. By 2017 our imports and interest will cost $25 billion more than what we earn in exports. That’s calamitous and New Zealand is getting poorer as a result.

“Under National we have to sell even more of our assets to foreign buyers or borrow yet more from overseas bankers.

“National has failed to deliver. The rampant housing market is coming at the expense of our struggling export sector. Bill English’s budget failed to provide the important changes needed for our economy.

“Labour will not shy away from those changes and has three major policies that will decrease our national overdraft.

“In Government we will boost our savings through universal KiwiSaver. That means we don’t have to borrow so much from overseas bankers and have a national investment pool to invest in our businesses.

“We will create a capital gains tax to limit speculation on property that drives up housing prices and overseas borrowing and gets investment into our exporting businesses so they can sell more overseas.

“Our reform of monetary policy will tackle our overvalued exchange rate and make our currency more competitive so exporters have a level-playing field.

“National has failed. Their vested interests don’t want the changes needed so they won’t move. Real change can only come through Labour,” says David Parker.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On The Govt’s Token Plans For Cyber-Security

Basically, the world is divided into two types of people: those who think the Panama Papers illustrate the bad shit that some people do, and those who think the Panama Papers illustrate what needs to be done to make sure no-one else discovers the shit – good or bad – that they’re doing. More>>

ALSO:

Gordon Campbell: On Pharmac’s Grudging Concession To Reality

Is this any way to run a health system… whereby terminally ill patients are forced into public demonstrations before the government (and its funding agency Pharmac) will grudgingly provide the money for life-saving treatments freely available and publically funded in Australia for the best part of a year? More>>

ALSO:

Labour: Healthy Homes Bill Passes First Reading

Some of New Zealand’s most vulnerable children and families are on their way towards safer living conditions with the passing of the first reading of the Healthy Homes Guarantee Bill in Parliament last night, Leader of the Opposition Andrew Little says. More>>

ALSO:

Werewolf Satire: Home, And A Way

The one thing even more popular than an Auckland house is offering advice on how to afford an Auckland house. So, on the grounds it can’t be worse than some of the stuff that’s out there, here’s my three cents* worth. [*Up 50% since 2013!] More>>

ALSO:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news