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

 


HYEFU Dismal on Jobs

CTU Media Release

18 December 2012

HYEFU Dismal on Jobs

The Council of Trade Unions says that the half- yearly economic and fiscal update (HYEFU) is dismal on the jobs front.

Council of Trade Unions (CTU) Secretary Peter Conway said that the forecast is for unemployment to average just under 6 percent for the next 5 years.

“That is not a recovery”, says Peter Conway.

Economic management by the Government should not just be about achieving a surplus in 2015. The increase in petrol excise tax announced today just ahead of the HYEFU release is clearly designed to reach that surplus target and is further evidence that this is the sole focus of the Government.

“But a crucial measure of economic management is the availability of jobs. In New Zealand we have 175,000 people who are unemployed and 113,000 workers seeking additional hours. This needs to be the Government’s top priority for 2013”.

The forecast means that we will still have around 150,000 people out of work every year until 2018. And these forecasts have tended to understate unemployment levels rather than the reverse. We also note that although all countries have seen unemployment rise since the global financial crisis, New Zealand has gone from a top performer within the OECD in most of the last decade in relation to unemployment levels to be ranked 15th now. This is a sign that the New Zealand Government has simply not made jobs a priority. The tax changes in 2009 and 2010 which benefitted those on high incomes have also had a negative effect on tax revenue which could have been used to assist low income families and promote job opportunities.

Peter Conway said “high levels of unemployment are also predicted by Treasury to impact negatively on wage growth with nominal wage increases averaging only 2.5 percent over the forecast period.”

“The signs are not good in the HYEFU”, says Peter Conway. “The growth forecast from May this year has been scaled back. Transport costs for households and firms rise. The current account deficit spirals up. The reluctance to adopt policies that would stimulate job creation and lift economic performance means the Government will continue to focus on reducing Government expenditure as a percentage of GDP. The Government is also relying on up to $7 billion from asset sales in its budget projections”.

The HYEFU shows that the outlook for households for the next couple of years is negative.

The New Year resolutions for John Key and Bill English have to be ‘must do better on the jobs front’.

ENDS.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Greens: Oil Drilling Face-Off With Labour

The plan is the second component of the Party’s environmental priority this election: Rivers clean enough to swim in again, and beaches safe from oil spills.

The Green Party loves New Zealand and will create a cleaner environment where our beaches remain open for swimming, not closed for oil spills.

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling;
2. Implement compulsory shipping lanes for coastal shipping;
3. Build Maritime New Zealand’s oil spill response capability; and
4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

 

Parliament Today:

Minister Told Of FBI Investigation, Says INZ: Coleman Must Quit Or Be Sacked Over Dotcom Case - Harré

Immigration New Zealand has done the right thing in distancing itself from Jonathan Coleman’s claims that ministers were not aware of FBI involvement in Kim Dotcom’s residency application, says the Internet Party. More>>

ALSO:

Valedictory Season: Maori Party Founders Say Goodbye

Two major Maori MPs gave there farewell speeches to Parliament Thursday outlining their history, experiences, triumphs and regrets. More>>

ALSO:

Resignation Not Accepted: Transport Minister Breaches Aviation Security Rules

"Running late for a plane at Christchurch Airport, I without thought breached airport and airline security rules by entering the gate lounge through a door usually used for exit only..." More>>

ALSO:

TAIC Report: Urgent Recommendations After Melling Rail Accident

The Transport Accident Investigation Commission has made four urgent recommendations to KiwiRail following the accident two months ago (27 May) when a Matangi passenger train collided with a stop block at Melling Station, Lower Hutt. More>>

ALSO:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Spending Questions: Claudette Hauiti To Step Aside At Election

National Party President Peter Goodfellow confirms that he has received notification from List MP Claudette Hauiti that she plans to step aside at the 20 September election. More>>

ALSO:

EPA: Board Of Inquiry Rejects Basin Flyover By Majority Of 3 To 1

The independent Board of Inquiry delegated to decide on the Basin Bridge Proposal has, by a majority decision (3 to 1), cancelled the Transport Agency’s Notice of Requirement and declined its resource consent applications for the construction, operation and maintenance of a flyover on State Highway 1 in Wellington City... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news