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

 

Departure Speech: Governor-General’s State Farewell Luncheon

"...Unfortunately I was unable to get to the Antarctic, the Chatham Islands and the Kermadecs. A dicky heart thwarted our travel to the Antarctic; and even though I volunteered to parachute into the Kermadecs to join the Young Blake expedition, time, commitments and officials frustrated my plans to visit the Kermadecs and Chathams." More>>

ALSO:

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Gordon Campbell: On The Funding Changes In Special Needs Education, And Uber

    The plan to strip out the educational support for older “special needs” children in order to meet the existing shortfall in funding for special needs in early childhood education is so miserly and relentlessly stupid as to defy belief… More>>

    SPECIAL EDUCATION (& More):

    Online Learning Plans:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news