Fall in dairy prices reinforces need for Economic
Upgrade
The overnight drop in milk prices combined
with yesterday’s fall in commodity export prices
reinforces the need for Labour’s Economic Upgrade, says
Labour’s Finance spokesperson David Parker.
“Even
before this latest price drop, when our terms of trade were
at a 40-year high, we still didn’t earn enough from our
exports to pay for our imports and interest. National’s
credibility on exports is in tatters. “They promised to
increase them to 40 per cent of GDP. Instead they’ve
dropped since they took office to 29 per cent of GDP and are
expected to drop further to 26 per cent.
“This is more
proof of the need for Labour’s Economic Upgrade. This
includes a capital gains tax, excluding the family home, to
encourage investment away from property and into productive
exports.
“Labour’s Economic Upgrade will boost
investment, innovation and industry to turn New Zealand’s
economy from one reliant on raw products to one that is high
value, high tech and creates better jobs with higher
wages,” says David
Parker.
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