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National fiddles while mortgages rise


Labour Leader

National fiddles while mortgages rise

National’s failure to address the underlying issues of the New Zealand economy means New Zealanders will be paying more for their mortgages, says Labour Leader David Cunliffe.

“They are fiddling while interest rates, rents and mortgages rise.

“The Government has ignored the major issues for the economy: a distorted tax system, a pitiful savings record, funding superannuation and outdated monetary settings.

“That requires a competitive exchange rate policy, strong industry development, investment and innovation – all part of Labour’s Economic Upgrade – not just sending a few more bureaucrats to China and South America.

“John Key has today made it clear he doesn’t have a plan to add value to the New Zealand economy.

“We need to diversify our exports from raw materials to higher value products.

“Sending just seven more trade officials to ‘greater China’ is clearly a drop in the bucket.

“This does not even restore the Government’s own cuts. Since 2009 it cut NZTE’s annual spending by $51 million. Today’s moves are adding only $17 million a year, leaving the organisation $34 million worse off under National.

“Labour’s Economic Upgrade will focus on the three I’s – Investment, Innovation, and Industry development – to change our focus from exporting raw products overseas to producing high-quality, high-value products in New Zealand to sell to wealthy markets.

“That is how Labour will create better jobs and higher incomes for New Zealanders,” David Cunliffe says.

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