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

 

Parliament Today:

The Kids: OECD Report Shows Huge Impact Of Poverty On Education

A new report from the OECD has again highlighted the negative effects of poverty, showing that disadvantaged children in New Zealand are more than six times more likely to underachieve in maths than children from wealthier homes. More>>

ALSO:

Pacific: NZ Pledges $500,000 To Help Address Zika

“With the Zika virus now confirmed in a number of Pacific countries, New Zealand is committed to helping limit the impact and spread of the virus in the region,” says Mr McCully. “New Zealand will provide $250,000 as a contribution to the WHO to implement the Pacific Zika Action Plan, and a further $250,000 to enable countries in the region to respond rapidly if required." More>>

ALSO:

Labour: Police Commissioner 'Doesn’t Get Force Needs'

The Police Commissioner has let down the public and his own force by insisting the police have what they need despite it taking a year to solve a burglary and overwhelming number of officers saying they are under-resourced, says Labour’s Police spokesman Stuart Nash. More>>

ALSO:

Gordon Campbell: On The US Pressure To Expand Our Role In Iraq

Foreign news services are being more forthcoming about what the “next 12 months” will entail – essentially, the defence ministers will be under US pressure to increase their “training” role preparatory to an assault on the city of Mosul in northern Iraq. More>>

ALSO:

Parliament Restarts: Prime Minister’s Statement

Our policy agenda and legislative programme will reflect the Government’s four priorities: • to responsibly manage the Government’s finances • to build a more competitive and productive economy • to deliver better public services to New Zealanders, an • to support the rebuilding of Christchurch. More>>

ALSO:

NZEI Survey Report: Special Needs Students Missing Out

The survey revealed that around 16 percent of students were on schools’ special needs registers, but nearly 90 percent of schools’ special needs coordinators did not believe there was adequate support for students and their learning... More>>

ALSO:

Interim Report: Waitangi Tribunal On Ture Whenua Legislation

Labour on Proposed changes to Maori land rules: “To have Treaty Negotiations Minister Chris Finlayson dismiss findings as ‘bizarre’ is totally disingenuous and disrespectful. What’s bizarre is Maori Development Minister Te Ururoa Flavell stubbornly pushing through this Bill before the Waitangi Tribunal has even completed its report..." More>>

ALSO:

Spy Update: Appointment Of GCSB Acting Director

GCSB Chief Legal Advisor Lisa Fong will become the Acting Director of the Government Communications Security Bureau (GCSB) from 15 February 2016, Minister Responsible for the GCSB Christopher Finlayson announced today. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news