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

Q+A: Labour's Michael Wood Wins Mt Roskill

Labour’s Michael Wood, who last night won a 6,000 vote majority in the Mt Roskill by-election, says the reason for the win was simple, clear messaging...

“We talked about the core issues that people cared about around affordable housing, around decent transport and crime,” he told Jessica Mutch on TVNZ’s Q+A. More>>

 

Gordon Campbell: On Anne Tolley’s Callous Folly

Last week’s conflict between Social Development Minister Anne Tolley and District Court judge Carolyn Henwood illustrated quite a few of the flaws in the system. More>>

ALSO:

Members’ Bills: Greens' Domestic Violence And Loans Bills Pulled From Ballot

Jan Logie’s Domestic Violence-Victims' Protection Bill introduces workplace protections for victims of domestic violence, including allowing victims to request paid domestic violence leave for up to 10 days... Gareth Hughes’ Bill allows Kiwis with student loans to defer their student loan repayments into a first home savings scheme. More>>

ALSO:

IPCA: Police Did Not 'Deliberately' Use Pepper Spray On 10-Year-Old

"When spraying the man, the officer did not properly consider the necessity of using pepper spray in a confined space, the likelihood that it would affect the other innocent passengers or the fact that he was using a more powerful spray." More>>

ALSO:

Donor Bill Passes: Full Income Compensation For Live Organ Donors

Unanimous cross-party support for the Compensation for Live Organ Donors Bill represents a critical step in reducing the burgeoning waiting list for kidney donations, according to Kidney Health New Zealand chief executive Max Reid. More>>

ALSO:

Earthquake Response: Emergency Legislation Prepared

Three new Bills have been drafted in the wake of the magnitude 7.8 earthquake on November 14 to ensure the government can enable affected communities to respond quickly and efficiently. More>>

ALSO:

Housing MPs: New Building(s) For Parliament

A new building will be erected on Parliament grounds to house Members of Parliament and their staff who currently work in leased accommodation in Bowen House. The plan has cross-Party support, apart from NZ First, said Parliament’s Speaker, Rt Hon David Carter. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news