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

 


Milk price collapse puts recovery at risk

Milk price collapse puts recovery at risk


“Another massive drop in milk prices overnight shows New Zealand needs an Economic Upgrade to limit its overreliance on the dairy industry, Labour Leader David Cunliffe says.

“Since February, milk prices have collapsed by 41 per cent, which suggests the short-lived economic recovery may have already ended.

“Last night’s milk price fall of 8.4 per cent follows Fonterra’s slashing of its forecast milk payout last week which is estimated to suck more than $4 billion out of the New Zealand economy.

“Given Goldman Sachs recently warned of a five-year ‘global milk glut’, the payout price could drop even further in coming months.

“If this trend continues we could see increasingly indebted farms being sold overseas under National’s lax overseas purchase rules.

“New Zealand is too reliant on one industry – riding the wave of commodity prices is not a long-term solution to grow jobs and incomes.

“New Zealand needs to protect and support its existing export base while diversifying our economy and growing dynamic industries such as ICT, wood processing and manufacturing.

“Labour’s Economic Upgrade will focus on investment, innovation and industry to grow and diversify our economy and create better jobs that pay higher wages.

“We will boost our investment pool through universal KiwiSaver, direct that money to productive businesses and industries through our capital gains tax, increase innovation through research and development tax credits and tax deferrals, and provide targeted support to industries,” David Cunliffe says.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

22/2: Christchurch Quake Memorial To Be Unveiled

A city, a region, a nation and an international community impacted by the Canterbury Earthquakes will come together tomorrow to mark the sixth anniversary of the deadly quake and dedicate Oi Manawa Canterbury Earthquake National Memorial.

The Canterbury Earthquake National Memorial Dedication and Civic Memorial Service starts at 12 noon tomorrow, February 22, at the Memorial site on the Ōtākaro/Avon River, in the area bordered by the Montreal Street Bridge, Durham Street, and Cambridge and Oxford Terraces. More>>

 

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics. More>>

ALSO:

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news