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

 


GDP up but households not getting their fair share of it

GDP up but households not getting their fair share of it

New Zealand households facing increasing costs from rising interest rates and stagnant wage growth are not getting their fair share of economic growth, Green Party Co-leader Russel Norman said today.

Figures released today by Statistics New Zealand show that Gross Domestic Product grew 1.0 percent in the March quarter and 3.3 percent in the year to March.

“Economic growth under National is only benefitting a few,” Dr Norman said.

“National’s policies of allowing housing inflation to spiral up is forcing up interest rates, putting households under enormous pressure.

“Someone with a floating mortgage of $250,000 is now paying about $1200 a year extra in interest than they did back in March, and that puts a lot of pressure on household budgets.

“Average power prices have also risen by $360 under National, while nearly half the workforce didn’t get a pay rise last year.

“People see growth but they are not getting their fair share.”

Dr Norman was also concerned with the poor quality of the economic recovery. Manufacturing growth was stagnant with the export (tradable) sector lagging the rest of the economy due, in large part, to the over-valued New Zealand dollar.

“New Zealand is the only developed country hiking interest rates right now, attracting hot money, pushing up the dollar, and undercutting our exporters,” Norman said.

“Under National, exports outside of dairy and forestry have stagnated since 2009. That’s five years of going nowhere in the value-added export sector – a sector that creates good, high wage jobs with a lower environmental impact.

“The hollowing-out of our export and manufacturing base should be a big concern to us all.

“This Government is doing nothing to lessen our dependence on commodity exports, nor is taking steps to protect the environment.

“The Green Party will ensure a more balanced approach to managing the economy and our monetary policy to help manufacturers and value-added exporters.

“We will also steer development towards smarter, greener technologies, creating good, green jobs. We will build institutions, such as the Green Investment Bank, that grow jobs while protecting the economy.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: A Govt. Christmas Bad News Dump -The Skycity Convention Center Blowout & A Negative MBIE Review

If the government really did have good tidings of great joy you can bet it wouldn’t be strewing them about at Christmas time – which is, traditionally, the dumping ground for terrible news that the government fervently hopes the public will be too distracted to notice. And so verily this Christmas Eve we learn of (a) the explosion of costs to the taxpayer and ratepayer of the vile SkyCity convention centre in Auckland and that (b) the government’s flagship MBIE “super-ministry” run by its Minister of Everything is a disaster zone of incompetence and mismanagement. MBIE is a Titanic looking for an iceberg, or so it would seem. More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news