Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


The Balance of Payments drain is a disaster

Media Release

Tuesday 28 June 2005


The brain drain is a problem; the Balance of Payments drain is a disaster.


“The current account deficit at March 2005 of $10.3 billion reflects the long term price we pay for the sale of valuable New Zealand assets to overseas interests, and a massive unrestrained spending spree on cheap imported goods,” says Democrat Finance spokesman John Pemberton.

“The sale of our valuable assets continues to be an unmitigated disaster,” Pemberton asserts. “Huge profits such as those made by the commercial banks are sent off shore, with no benefit to New Zealanders. All we see is our Balance of Payments deficit continuing to rise.”

Pemberton points out that that debt servicing on the overseas Government and Corporate Debt ($156.089 billion at 31 March 2005) compounds the disaster.

He says it is time we put our Balance of Payments house into order.

“It is time we regained our economic sovereignty. It is long past time we fulfilled the expectations of the world’s leading financial institutions, by balancing New Zealand’s current account and progressively repaying our foreign debt.

“The Democrats for social credit will: charge a variable surcharge on all New Zealand money transferred off shore or exchanged for other currencies (Foreign Transaction Surcharge); utilise to a far greater extent the borrowing opportunities available domestically rather than borrowing overseas; and absolutely rule out any more government lead asset sales.”

“Money collected from FTS will be used to reduce internal taxation and to progressively pay back our overseas debt,” Pemberton explains.

“FTS will automatically prevent the country from being swamped by overseas goods and services as the surcharge will rise to compensate for any drift to imbalance in the current account.

“We can have our country back!”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news