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.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



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>>


Q+A Transcript: Groser ‘Not Expecting’ Failure At UN Climate Talks

‘I will be very surprised if we don’t get an agreement. I think it’s a completely different situation to Copenhagen for a number of reasons. We’ve got a much more realistic negotiating proposal on the table. Secondly, I think the science has strengthened...’ More>>


Greenpeace Protest:

Climate Talks, Immigration And Housing: PM's Post Cabinet Press Conference

Prime Minister John Key began by talking about his recent attendance at the APEC and ASEAN summits. He segued neatly from the opportunities available in Vietnam to outlining his upcoming itinerary which includes Malta, Paris and Berlin. More>>


After Urgent Law Change: Beneficiaries Urged To Act Immediately

I am hoping that thousands more people will be enabled to lodge their review... people without internet, who don't even realise that this has been happening. If just a fraction of the people on facebook can help others to put in reviews tomorrow it could improve so many more peoples Christmas. More>>


Auckland: Phil Goff To Run For Mayor In 2016

Phil Goff has today announced his decision to stand as an Independent candidate for Mayor of Auckland next year... As Mayor, Phil Goff will focus on a number of issues that directly impact on the lives of Aucklanders, including tackling traffic congestion and increasing the housing supply. More>>


Foreign Affairs: Mike Moore To Step Down As US Ambassador

Yvonne and I are giving notice to MFAT that we will be leaving the Post just before Christmas on the 16th December... I am now the longest serving continuous Ambassador to the US. I didn’t seek this job but felt I should do it because great issues were at stake. The time was ripe for it. More>>


Fox Glacier: Seven Dead In Helicopter Crash

The operation to recover the victims of Saturday’s helicopter crash at Fox Glacier is a technically challenging task calling for specialist skills in an unforgiving environment, says operation commander Inspector John Canning. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news