Parliament

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

 

Trade Figures Show Govt In Cloud Cuckoo Land

10 June 1999

Trade figures show Govt in cloud cuckoo land

"The latest merchandise trade figures show conclusively that the National Government is living in a fool's paradise," says Labour finance spokesperson Michael Cullen.

"The trade balance result for April is much worse than was predicted by the markets and much worse than the average for April during the 1990s.

"What we are continuing to see is relatively weak growth in exports overshadowed by substantial growth in imports. The provisional merchandise trade balance for the year shows a deficit of nearly $1.3 billion when New Zealand ought to be in surplus.

"National continues to govern in the hope that a borrow and spend domestic consumption-led recovery will somehow reduce the cataclysm that is going to overwhelm them at this year's general election.

"Increasingly New Zealanders are beginning to recognise just how foolish this approach is. But National shows no signs of having learned the lessons of the failure of its economic management.

"The recent budget did nothing to improve the levels of New Zealand's exports or to moderate the growth of New Zealand's imports. Instead National turned a blind eye to the serious current account deficit and the worsening merchandise trade balance and hoped the public will follow suit.

"Labour's task as the incoming government will be to lead export growth on a sustainable basis and in such a way that our current account position improves significantly over time. If we do not do this, an increasing proportion of New Zealand will be owned overseas as we sell what we have left to cover our current account deficit," Dr Cullen said.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>

 

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>

ALSO:

Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>

ALSO:

State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>

ALSO:

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages