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

 

Reserve Bank predicts further economic slowdown


Paul Goldsmith - Finance

13 November 2019


The Reserve Bank has lowered its growth forecasts again as economic indicators continue to show New Zealand's economy is underperforming, National Party Finance Spokesperson Paul Goldsmith says.

"The Reserve Bank is increasingly pessimistic about the future due to this Government's refusal to implement any kind of economic plan to restart economic growth.

“This Government needs to stop blaming President Trump and everyone else and take responsibility for the things it has done to slow the economy.

“A slower economy means few opportunities for Kiwis to get ahead.

"The Reserve Bank started this year picking 3.0 per cent growth for 2019, it is now only expecting 2.0 per cent.

"This is despite New Zealand's terms of trade being near record highs.

"Losing this amount of economic growth is worth almost $3 billion to New Zealanders.

"Today's decision to leave the OCR at its record low of one per cent surprised the market, but monetary policy can’t do everything on its own.

"Finance Minister Grant Robertson deliberately leaving all the heavy lifting to the Reserve Bank to continually cut interest rates leaves nothing in the tank for a rainy day.

"Now it’s the Government's turn to make some pro-growth economic decisions.

"The Reserve Bank noted in its comments that, 'Potential GDP growth appears to be softer than previously thought, meaning that the pick-up in growth is less pronounced than projected in the August Statement'.

"New Zealanders are paying the price for Labour lacking any sort of plan for growth. They cannot afford this Government."

ends

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.

© 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.