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

 


Future OCR rises highlight National’s big economic fail

12 December 2013

Future OCR rises highlight National’s big economic fail

The signalled Official Cash Rate (OCR) hikes next year highlight National’s failure to build a strong, resilient, and jobs-rich economy, the Green Party said today.

In today’s Monetary Policy Statement (MPS), the Reserve Bank Governor said that the Bank will increase the OCR “as needed” in order to keep future average inflation near their 2 percent target.

“Rising interest rates will mean that New Zealand will lead the OECD hiking rates presenting a huge risk to our exchange rate,” said Green Party Co-leader Dr Russel Norman.

“Higher interest and exchange rates will effectively cost jobs, exports, and raise the cost of living for all those with mortgages.

“Once again, New Zealand’s economic recovery is betraying the same underlying structural weaknesses of the last one; National has materially failed to rebalance our economy away from borrowing and consumption towards savings, investment, and exports.

“National’s failure to address the Auckland housing shortage with a mixture of demand and supply-side measures are forcing the Reserve Bank to hike rates, hurting the real economy.

“National’s failure to introduce a comprehensive capital gains tax (excluding the family home) has meant property speculators will continue to be rewarded at the cost of the productive economy and all those seeking to buy their own home.

“National’s failure to set a strong pricing signal through the Emissions Trading Scheme has sent the wrong signal to private enterprise undermining the role of innovation while increasing the carbon footprint of our future economy.

“New Zealand is enjoying the highest terms-of-trade since 1973 yet we’re still running the third highest current account deficit in the developed world. If this is as good as it gets, we haven’t made the kinds of changes needed to secure our long-term prosperity.

“Even in these very best of economic times, we’ll see increasing levels of foreign ownership and control meaning we will continue to become ‘tenants in their own country’.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Anzac Issue Out Now: Werewolf 47

Alison McCulloch: Lest We Remember

Local iwi have plans to spruce up the Te Ranga site as part of the 150th commemorations this year of key battles in the “New Zealand Wars”, but not a lot of money to do it with.

Information gathered from numerous government agencies shows that while more than $25 million is being spent on monuments and commemorations relating to foreign wars, primarily World War I and its centenary, only around $250,000 has been set aside for those fought on our own soil. More>>

Anne Russell: Anzac Day - Identity Politics, With Guns

Even cursory research into media reports from the past forty years reveals a cultural shift in the commemoration of Anzac Day. Among other things, turnout at Dawn services has increased significantly in recent decades.

Contemporary numbers are estimated at 3,000-4,000 in Wellington, and 10,000-15,000 in Auckland. Newspaper reports from the 1970s and 80s estimated Wellington turnouts at 300-800, and Auckland at anywhere from 600 to 4,000. More>>

 
 

Parliament Today:

Spookwatch: New Inspector-General Of Intelligence And Security Appointed

Prime Minister John Key hasannounced the appointment of Cheryl Gwyn as Inspector-General of Intelligence and Security. The appointment was made by the Administrator of the Government on behalf of the Governor General and is for a term of three years. More>>

Crowdsourcing: Green Party Launches Internet Rights And Freedoms Bill

The Green Party has today launched the Internet Rights and Freedoms Bill, New Zealand’s first ever Bill crowdsourced by a political party. More>>

ALSO:

Gordon Campbell: On The Shane Jones Departure

Shane Jones has left Parliament in the manner to which we have become accustomed, with self interest coming in first and second, and with the interests of the Labour Party (under whose banner he served) way, way back down the track. More>>

COMMENT:

Multimedia: PM Post-Cabinet Press Conference - April 22 2014

The Prime Minister met with reporters to discuss: • The recent improvement in the economy with a growing job market • Income and wealth inequality • Easter trading laws • The New Zealander killed in a drone strike in Yemen... More>>

ALSO:

Easter Trading: Workers 'Can Kiss Goodbye To Easter Sunday Off'

The Government’s decision to “reprioritise” scarce labour inspector resources by abandoning the enforcement of Easter Sunday Shop Trading laws means workers can kiss goodbye to a guaranteed day off, says Labour’s Associate Labour Issues spokesperson Darien Fenton. More>>

ALSO:

ACT Don't Go For Maximum Penalty: Three Strikes For Burglary, Three Years Jail

Three strikes for burglary was introduced to England and Wales in 1999. As in New Zealand, burglary was out of control and given a low priority by the police and the courts. A Labour government passed a three strikes law whereby a third conviction for burglaries earned a mandatory three years in prison... More>>

ALSO:

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home. More>>

ALSO:

Elections: New Electorate Boundaries Finalised

New boundaries for the country’s 64 General and seven Māori electorates have been finalised – with an additional electorate created in Auckland. More>>

ALSO:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news