Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

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

 

It’s downhill from here under National

David Parker
Deputy Leader
Spokesperson for Finance

19 August 2014

It’s downhill from here under National

The forecast drop in exports and predicted halving of growth shows that it’s downhill from here with National, Labour’s Finance spokesperson David Parker says.

“Growth under this Government peaked in June and halves to two per cent in coming years. At the same time wages will stagnate and interest rates will rise relentlessly.

“Under National, New Zealand has become ever more reliant on raw commodities such as milk and logs while non-primary manufacturing exports and other industries struggle. It is now clear this narrow focus is hurting the economy and shows New Zealand needs an economic upgrade that only Labour can deliver.

“The fiscal update shows that exports will fall from 33 per cent of GDP when National came into office to 26 per cent of GDP. Their promise of increasing exports to 40 per cent of GDP is nothing more than a pipe dream.

“At the same time too much capital goes into housing speculation rather than productive businesses. New Zealand will never get rich selling houses and farms to each other or to foreigners.

“To prove that, the external deficit is set to go from hits $15 billion a year and net international liabilities will rise from 65 per cent of GDP to 77 per cent of GDP, worse than predicted.

“John Key and Bill English can't blame the GFC or the Canterbury earthquakes for taking New Zealand backwards in exports as a proportion of our economy. It is their mismanagement that is to blame.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“Labour will continue where we left off - running surpluses - because sound fiscal management is important. But good economic management is about more than fiscal management.

“Treasury has unusually highlighted that the cost of Superannuation will rise by $3.4 billion a year between 2012/13 to 2017/18.

“Superannuation now costs more than all benefits combined, accommodation supplements and Working for Families. Next year it passes the amount the Government spends on all education from pre-school to tertiary. That’s irresponsible fiscal management.

“Labour’s Economic Upgrade plan will diversify our economy and boost exports through a focus on investment, innovation and industry. We will increase investment through universal KiwiSaver and use a capital gains tax (excluding the family home) to direct it to productive businesses and jobs.

“We will boost innovation through research and development tax credits and tax incentives to encourage investment in new technology.

“We will support crucial industries through upgrade plans for sectors such as forestry, manufacturing and ICT.

"The choice on economic management this election is clear – more of the same or a much-needed upgrade,” David Parker says.

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On Dune 2, And Images Of Islam


Depictions of Islam in Western popular culture have rarely been positive, even before 9/11. Five years on from the mosque shootings, this is one of the cultural headwinds that the Muslim community has to battle against. Whatever messages of tolerance and inclusion are offered in daylight, much of our culture tends to be hostile to Islam when we’re sitting in the dark, with popcorn.
Any number of movie examples come to mind, beginning with Rudolf Valentino’s role (over a century ago) as the romantic Arab hero in The Sheik...
More


 
 


Government: One-stop Shop Major Projects On The Fast Track

The Coalition Government’s new one-stop-shop fast track consenting regime for regional and national projects of significance will cut red tape and make it easier for New Zealand to build the infrastructure and major projects needed to get the country moving again... More

ALSO:


Government: GPS 2024: Over $20 Billion To Get Transport Back On Track
Transport Minister Simeon Brown has released the draft Government Policy Statement (GPS) on Land Transport, outlining the Coalition Government’s plan to build and maintain a transport system that enables people to get to where they need to go quickly and safely... More

ALSO:

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.