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


Amy Adams - Govt has no plan to fix slowing economy

The Government needs to produce a credible plan to grow the economy in the face of slower economic growth, fewer jobs and a Reserve Bank cutting interest rates to try and prop up the weakening economy, National’s Finance Spokesperson Amy Adams says.

“Under this Government, annual GDP growth has fallen from 3.4 per cent to 2.3 per cent and is set to fall further next quarter. On a per person basis we are doing even worse. In 2018 New Zealand had annual GDP per capita growth of just 0.6 per cent. That was the sixth lowest in the OECD and means New Zealanders’ living standards are falling behind.

“And while unemployment is still relatively low, it has stopped falling and people are actually leaving the labour market. The number of jobs has fallen by 4000 this year, undoing the 10,000 new jobs created a month under National.

“Yet for the past year, the Finance Minister repeatedly ignored warnings the economy was slowing and instead chose to bury his head in the sand. Now, instead of producing a credible plan to grow the economy, the Minister is blaming the slowdown entirely on global factors and doing nothing to strengthen the domestic economy.

“While there are global risks, they are just that – risks. In fact, as the Treasury noted earlier this week, economic growth in the US is above three per cent, Chinese growth has stabilised above six per cent and European and Australian economic activity have both picked up again. As of yet, there is no excuse for the domestic slowdown.

“The Reserve Bank yesterday intervened to prop up the weakening economy by cutting the OCR to its lowest ever level. While this may be good news for borrowers, an OCR barely above zero means when a real economic shock hits New Zealand there is very little ability for the Reserve Bank to stimulate the economy.
“The Government has simply not put New Zealand in the best possible position to deal with an economic shock. Business confidence has plummeted with over 200 working groups in fundamental areas like tax, transport, education, banking and insurance.

“The Government needs to stop deflecting and ignoring the economic slowdown and instead take some accountability by producing an economic plan that helps to strengthen the economy.”

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Ellen Rykers on The Dig: Community Conservation – The Solution To The Biodiversity Crisis?

There are backyard trapping networks doing their bit for Predator Free 2050, farmers planting native trees along their waterways, and iwi protecting whenua rāhui. There are 62 biodiversity sanctuaries across 56,000 hectares, with around two-thirds of them community-led. There are citizen scientists counting birds in their backyards and landowners conserving habitat in 3,500 Queen Elizabeth II National Trust covenants.

It’s increasingly clear that a government agency alone cannot combat the biodiversity crisis successfully. These grass-roots initiatives are a growing resource in the conservation toolbox. More>>

Closing This Weekend! Have Your Say On The Issues For NZ's New Biodiversity Strategy

Scoop and PEP invite you to help decide how we should protect and restore our biodiversity over the next 50 years using Scoop’s online engagement platform, HiveMind. HAVE YOUR SAY HERE>>

Biodiversity HiveMind Preliminary Progress Report
Open data report summarising preliminary findings of the Biodiversity HiveMind. Read Progress Report Here>>


PM In Japan: Jacinda Ardern’s Remarks Following Abe Summit

Today we discussed a wide range of topics. Broadly the themes were: a deeper, high-value trade and investment relationship, greater cooperation in the Pacific; and strengthening our security partnership. More>>


Replacing All But Chair: Twyford Appoints Five NZTA Board Members

Transport Minister Phil Twyford today announced the appointment of five new members to the NZ Transport Agency Board... There remain two vacancies on the NZTA Board which will be filled in due course. More>>


Climate Change: Adaptation And Risk Assessment Framework Released

“We are already experiencing the effects of a changing climate such as coastal inundation and increasingly frequent and severe droughts, floods, fires and storms. This framework is an acknowledgement that we must start adapting”, James Shaw said today. More>>


Ihumātao: Mana Whenua Reach Decision On Land

Māori King Tūheitia says mana whenua have finally reached consensus over what to do with Ihumātao - they want it back. More>>


PM To Japan, New York: Ardern To Meet Trump During UN Trip

“I’m looking forward to discussing a wide range of international and regional issues with President Trump, including our cooperation in the Pacific and the trade relationship between our countries." More>>

PM's Post-Cab: "A Way Forward"

At Monday's post-cabinet press conference, Prime Minister Jacinda Ardern announced a number of actions in response to the Labour Party's mishandling of sexual assault complaints. More>>


Gordon Campbell: On Allegations Of Left Wing Media Bias

“Left wing bias” accusations date back at least to the mid 1990s... The charge of left wing bias was ridiculous then, and is ridiculous now. More>>

Next Wave Of Reforms: Gun Registration And Licensing Changes Announced

“The Bill includes a register to track firearms and new offences and penalties that can be applied extraterritorially for illegal manufacture, trafficking, and for falsifying, removing, or altering markings – which are a new requirement under the Firearms Protocol.” More>>





InfoPages News Channels