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

Digital Evolution: Scoop Independent News Launches "Operation Chrysalis"

From today Scoop is beginning a process of public consultation with the political, business and civil society groups it has served for the past 15 and a half years.

"It is hoped that in time - with new leadership and increased community engagement - the chrysalis will incubate a new kind of Scoop, one which can sustainably continue Scoop's Mission 'to be an agent of positive change'", says Scoop Founder, Editor and Publisher Alastair Thompson.

"As big publishing shrivels, public participation in contributing and spreading news has grown. Scoop has evolved with this wave by providing an independent platform, committed to upholding democracy, providing a voice to all, and providing the public easy access to information about decisions which affect them." More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news