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


The high price of "success" National-style

2000 web site
Labour finance spokesperson Michael Cullen said it was absurd for the Treasurer to
claim increasing interest rates were simply a sign of the success of the National Party's economic policies.

Dr Cullen was commenting on the decision by the Reserve Bank in the November Monetary Policy Statement to raise the Official Cash Rate by 50 basis points.

"Last week Bill English claimed the closure of the Bendon factory was a sign of the Government's policies working. This week, he is claiming today's increase in the official interest rate is a sign of the Government's policies working.

"How many jobs do we have to lose and how high do interest rates have to go before Mr English claims the Government's policies are a total success?

"The real reason for this interest rates rise so early in the economic cycle is because of the very unbalanced nature of this economic recovery.

"That imbalance is a reflection of the National Party's neglect of the export sector and reliance on consumption-led growth fed by tax cuts," Dr Cullen said.

"Labour would remedy this by promoting higher savings through our Superannuation Fund and by growing the export base through our industry assistance package.

"Nine long years of National's blinkered commitment to "hands-off" management has cost the economy dear. It is time the unfortunate experiment was brought to an end. November 27 cannot come soon enough," Dr Cullen said.

© 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>>


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>>


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>>


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>>


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>>





Featured InfoPages