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


Short term Nats ignore long term deficit threat

David Parker
Spokesperson for Finance

18 December 2013

Short term Nats ignore long term deficit threat

The growing current account deficit is a serious long term threat to the economy which is being completely ignored by this short term Government, says Labour’s Finance spokesperson David Parker.

“The balance of payments released today shows that the current account deficit is 4.1 per cent of GDP and our net international liabilities are $150 billion. That has a serious impact on the jobs and investment New Zealand needs to provide the opportunities and higher wages New Zealanders need.

“The current account is the deficit National refuses to talk about. Bill English and John Key repeatedly sweep these figures under the carpet. In yesterday’s HYEFU Bill English spoke a lot about Government’s deficit but he ignored the forecast that the current account deficit – the national deficit – will reach $17 billion by 2017.

“Bill English promised that he would rebalance the economy towards exports and fix the current account. He has failed.

“Ignoring the deficit is economic negligence and wastes opportunities for New Zealanders. As a country we are losing money and becoming more indebted to foreign lenders. Our interest bill and dividends paid overseas add up and the spiral continues.

“Any family that gets into too much debt understands that, eventually, you have to pay that debt off. As a country it means land and companies are sold overseas, jobs are cut and wages stagnate.

“I won’t stand for that. Labour will rebalance the economy so New Zealand is once more a country that sells more overseas than it spends. That’s the true path to a wealthy nation.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Public Sector Still Shrinking: Record Low Number Of 'Backroom Bureaucrats'

Ongoing restraint in the public sector and a focus on better frontline services has seen a further reduction in the number of core Government employees, State Services Minister Paula Bennett says. More>>


Disobeying The Law: Police Censorship Of Crime Research “An Outrage”

The Green Party is calling on Police Minister Michael Woodhouse to ensure Police scrap controversial contracts that place onerous restrictions on academic researchers’ access to Police data, the Green Party says. More>>


Q+A Transcript: Groser ‘Not Expecting’ Failure At UN Climate Talks

‘I will be very surprised if we don’t get an agreement. I think it’s a completely different situation to Copenhagen for a number of reasons. We’ve got a much more realistic negotiating proposal on the table. Secondly, I think the science has strengthened...’ More>>


Greenpeace Protest:

Climate Talks, Immigration And Housing: PM's Post Cabinet Press Conference

Prime Minister John Key began by talking about his recent attendance at the APEC and ASEAN summits. He segued neatly from the opportunities available in Vietnam to outlining his upcoming itinerary which includes Malta, Paris and Berlin. More>>


After Urgent Law Change: Beneficiaries Urged To Act Immediately

I am hoping that thousands more people will be enabled to lodge their review... people without internet, who don't even realise that this has been happening. If just a fraction of the people on facebook can help others to put in reviews tomorrow it could improve so many more peoples Christmas. More>>


Auckland: Phil Goff To Run For Mayor In 2016

Phil Goff has today announced his decision to stand as an Independent candidate for Mayor of Auckland next year... As Mayor, Phil Goff will focus on a number of issues that directly impact on the lives of Aucklanders, including tackling traffic congestion and increasing the housing supply. More>>


Foreign Affairs: Mike Moore To Step Down As US Ambassador

Yvonne and I are giving notice to MFAT that we will be leaving the Post just before Christmas on the 16th December... I am now the longest serving continuous Ambassador to the US. I didn’t seek this job but felt I should do it because great issues were at stake. The time was ripe for it. More>>


Fox Glacier: Seven Dead In Helicopter Crash

The operation to recover the victims of Saturday’s helicopter crash at Fox Glacier is a technically challenging task calling for specialist skills in an unforgiving environment, says operation commander Inspector John Canning. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news