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

Earth Day: Global March To Defend Science In NZ Saturday

The March for Science movement emerged in the immediate wake of President Trump’s inauguration as he moved quickly to curtail the power of the Environmental Protection Agency and limit the ability of government agencies to communicate scientific evidence.

Since then it has broadened to “champion robustly funded and publicly communicated science as a pillar of human freedom and prosperity”. More>>

'Opening The Election' Video: Nicky Hager And Mike Joy On Science, Spin, And Society

In two videos relevant to the March for Science from Scoop's 'Opening The Election' forum, Massey University's Dr Mike Joy spoke about promoting science in the face of government spin and journalist Nicky Hager offered a checklist of issues to promote for an open civil society. More>>

 

Health Workers Respond: People's Mental Health Report Released

The People's Mental Health Review reinforces a recent YesWeCare.nz survey of 6,000 health workers, which found nine in 10 believe they don't have the staff or resources to deliver the care Kiwis need when they need it. More>>

ALSO:

More Mental Health:


Energy: Greens Launch Plan For Cheaper And Cleaner Electricity

$112 million for winter warm-up payments to help low-income households cover their power bills • setting a goal for 100 percent renewable electricity by 2030 (in average hydrological conditions) • an investigation into the electricity wholesale market. More>>

ALSO:

Gordon Campbell: On The Aged-Care Settlement

Until yesterday, a National government has always been the sworn enemy of women seeking justice in the workplace, in the face of gender-based pay discrimination. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news