"The latest trade results are an indictment of National's economic stewardship and further proof that Labour's economic programme is sorely needed," Labour finance spokesperson Michael Cullen said today.

"The figures show that exports are beginning to rebound, but the pick-up has been frustratingly slow. The slowness reflects the hollowing out of New Zealand's manufacturing base as companies have been forced to the wall or overseas at the cost of thousands of jobs.

"Much of the blame for this exodus rests with National, its mad crusade to lower tariffs faster and harder than the rest of the world and its hands-off substitute for an economic policy.

"Labour does not share National's lunatic belief that the best way to assist industry is to ignore it. Instead we see a positive leadership role for the government in nurturing innovative new enterprises and ideas," Dr Cullen said.

He was commenting on the Overseas Merchandise Trade result for September showing a provisional deficit for the quarter of $1.125 billion.

"Imports are continuing to outstrip export growth. Exports for the 1999 September quarter were 8.3 percent up on last year's September quarter figures but imports rose a whopping 17.6 percent over the same period.

"Further tax cuts will only aggravate the problem," Dr Cullen said.

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Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>