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


Environment And Conservation: Changes To Our Oceans Pose Serious Concerns

New Zealand’s oceans, coasts, and marine wildlife are under growing pressure, according to the first national report from the Ministry for the Environment and Statistics New Zealand about the marine environment. More>>


Police Authority: Use Of Taser Was Disproportionate And Unjustified

The Independent Police Conduct Authority has found that an officer’s second use of a Taser on a mentally unwell Hokitika man was disproportionate and unjustified. More>>


Gordon Campbell: On Holidays, Hekia Parata And Badlands

Hekia Parata, adieu. Reportedly, she’s been ‘passionate’ about education. She has “bravely’ led the charge on the government’s education reforms. In the past week , many of the postscripts to Hekia Parata’s career as Education Minister have sounded like a schoolteacher desperately trying to find some reason why a D student can be marked up to C minus. More>>


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news