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


High interest rates show need for Economic Upgrade

High interest rates show need for Economic Upgrade

New Zealand’s interest rates are among the highest in the world and homeowners that are bearing the brunt of them should join Labour’s call for an Economic Upgrade, Labour Leader David Cunliffe says.

“New Zealand mortgage rates are higher than Australia and much of the developed world. That’s because our economy is not paying its way in the world and has major issues that need to be fixed.

“It’s Kiwi homeowners that are feeling the pinch because our current Government is asleep at the wheel.

“Higher interest rates are also bad for business with Kiwi companies having to pay more to borrow than they do overseas, holding back investment.

“National is trying to have it both ways. When interest rates are low due to a global recession they try to claim credit, yet when interest rates rise they say they are managing the economy well.

“The truth is John Key and his party are just cruising along and aren’t willing to make the necessary changes.

“Labour’s Economic Upgrade, focussing on investment, innovation and industry, will fix the major issues in the economy that hold it back and result in high interest rates.

“As part of the upgrade we will make KiwiSaver universal so banks don’t have to borrow as much from overseas.

“Our comprehensive housing policy of a capital gains tax, clamp down on speculators and a KiwiBuild home-building programme will see less money invested in housing and more into productive industries where it’s needed.
“Labour will also upgrade our out-of-date Reserve Bank Act giving the Bank a wider remit and more tools to control inflation than just raising the official cash rate.

“Every time Kiwis see their mortgage payments go out of their account they are seeing the costs of National’s refusal to make the major economic changes needed. Labour’s Economic Upgrade will make the changes New Zealand needs,” David Cunliffe says.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Relevant Consents Gained: Government Unveils RMA Reform Package

The government has formally hauled down the flag on its attempts to alter the balance of environmental and economic priorities in the Resource Management Act, unveiling a 180-page Resource Legislation Amendment Bill containing reforms that have been largely endorsed by most political parties. More>>


Closing Schools And Such: Interim Redcliffs Decision Announced

“While the school’s board has argued that circumstances that could give rise to potential disruption are extremely unlikely, advice from technical experts has shown these concerns cannot be ruled out." More>>


Jane Kelsey: High Court Can’t Make Groser Provide TPPA Information Faster

‘This week we went back to court to challenge Trade Minister Groser’s stalling tactics over the release of information on the Trans-Pacific Partnership Agreement negotiations, following a High Court order that he reconsider the Official Information Act request I made last January’, said University of Auckland law professor Jane Kelsey, first applicant in the case. More>>

Werewolf 58: No Climate For Change

The last time the global community tried to take collective action on climate change the world’s leaders finally came to agree that every not-too-onerous effort should be made to hold global warming to 2°C above the pre-industrial average. At Paris, all 150 participant countries nations will have put forward their pledges... On the information available, New Zealand's is the second weakest contribution of any nation in the developed world. More>>


Lambton Quay Shutdown: Object Was Made To Look Like Bomb

Police cordoned off part of Lambton Quay Wednesday afternoon, saying that a suspicious package had been found. Buildings were evacuated and buses were detoured. The army’s explosive ordnance disposal unit was brought to the Quay. More>>


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>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news