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

 


Budget figures show deepening housing crisis

David Cunliffe
Labour Leader

16 May 2014

Budget figures show deepening housing crisis

Treasury projections in the Budget predict worsening housing affordability and rising interest rates outstripping wage increases, underlining National’s abject failure to address the housing crisis, says Labour Leader David Cunliffe.

“Within five years, it will cost 63 per cent of the average full time wage to service an 80 per cent mortgage on an average home. Right now, it costs 49 per cent of the average full time wage.

“By failing to announce anything that will tackle the housing crisis, National has lit the fuse on a time bomb.

“These projections guarantee that home ownership rates will continue to fall, and a generation of young New Zealanders can kiss goodbye to the Kiwi dream of home ownership.

“Budget projections show the average Kiwi will gain around $2,600 a year in real wages, about $1,800 after tax. Real mortgage payments are slated to go up by around $2,900 over the same period based on Treasury’s data.

“Rising housing costs will hollow out household incomes in middle New Zealand, and drive struggling families deeper into poverty.

“This crisis is also being driven by surging migration figures. Tinkering with tariff duties and planning rules is nowhere near enough.

“National might be willing to sit on its hands while home ownership becomes a distant dream but Labour is not.

“The Labour-led Government I lead will build 100,000 affordable starter homes, will implement a Capital Gains Tax to take the speculative heat out of the market, put a stop to offshore speculators bidding up prices, and give the Reserve Bank the option of raising savings rates rather than interest rates.

“Affordable housing is a top priority for New Zealanders and will be so for the incoming Labour-led government,” says David Cunliffe.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On War Crimes And The Afghan Insurgency

Truly, with friends like former defence Minster Wayne Mapp, the SAS does not need enemies. At the very least, the Hit and Run book has raised the possibility that the New Zealand SAS committed war crimes in the attack they led in Afghnistan upon the villages of Naik and Khak Khuday Dad...

Mapp’s attempted defence of the SAS on RNZ this morning unintentionally indicated that collective punishment was baked into the planning exercise for the raid, and also into how the raid proceeded on the ground. More>>

 
 

Little Heading For Court: Apology Over Donation/Hotel Contract Claims Not Accepted

Today I want to publicly apologise unreservedly to Mr Hagaman for any hurt, embarrassment or adverse reflection on his reputation which may have resulted from my various media statements. I have offered that apology to the Hagamans. More>>

ALSO:

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

OutsKey: John Key's Valedictory Speech

I rise to address this House for the very last time. It has been a huge privilege to have served the people of Helensville as their member of Parliament, and, of course, the people of New Zealand as their Prime Minister. More>>

ALSO:

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

PM's Press Conference: Water Everywhere

Monday's Post-Cabinet press conference focused on water, with the Prime Minister fielding questions about the possibility pricing water taken for export. Mr English said the government was directing their water allocation technical advisory group to include export water in considerations. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news