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

 

PARLIAMENT TODAY:

  • Govt Probed Over Health & Safety
  • Questions and Answers 28-05-15
  • Week in Parliament 22-05-15
  • Saturday Sitting
  • House Rises At Midnight
  • Telco Levy Bill Passes
  • Telco Levy Bill Completes First Reading
  • Social Housing Bill Passes Under Urgency

  • Labour Party: McCully Doesn’t Deny Bribe In Saudi Sheep Scandal

    “In Parliament today I asked Murray McCully directly: Why is he the first Minister in history to back a multi-million dollar facilitation arrangement which in other jurisdictions is called a bribe? says Labour’s Export Growth and Trade spokesperson ... More>>

    ALSO:

    Welfare: Closure Of Relationships Aotearoa

    The Aotearoa New Zealand Association of Social Workers (ANZASW) Chief Executive Lucy Sandford-Reed is concerned about the closure of a national service which provides a wide range of services to rural and urban communities throughout New Zealand. More>>

    ALSO:

    TPPA: University Of Auckland Warns Of Negative TPP Impact

    The University of Auckland May 20, 2015 University of Auckland Warns of Negative TPP Impact With the Trans Pacific Partnership (TPP) negotiation drawing to a close, the University of Auckland has expressed serious concerns about its potential implications. ... More>>

    NZ Flag: Flag Referendum Gets Hit Hard In New Poll

    The latest Campbell Live text poll confirms it is time for the Prime Minister to listen to the public and shelve his flag referendum, says the New Zealand First Leader Rt Hon Winston Peters. More>>

    Gordon Campbell: The Government’s Belated Moves On Property Speculation

    Is it a property tax on capital gains or a capital gains tax on property? The Jesuitical distinctions in the government’s spin about its latest moves on property speculators are all about whether the government can claim that it jumped, or confess that it ... More>>

    Grant Robertson:
    Key Can’t Just Be Prime Minister For Parnell

    John Key must show New Zealanders in next week’s Budget that he is more than the Prime Minister for Parnell, and is also the Prime Minister for Pine Hill, Putararu and Palmerston North, Labour’s Finance spokesperson Grant Robertson says. In a ... More>>


    Labour Party: More Regional Jobs Go In Corrections Reshape

    News that 194 Corrections staff are to lose their jobs will have ramifications not only for them and their families but for the wider community, Labour’s Corrections spokesperson Kelvin Davis says. Prison units at Waikeria, Tongariro and Rimutaka ... More>>

    ALSO:

  • NZ First - Prison Job Losses to Send Money Offshore
  • TPPA: ‘Team Obama’ Regroups On Fast Track, Still Not Deliverable

    ‘After yesterday’s stinging and unexpected defeat for the Obama administration’s attempt to advance Fast Track legislation in the US Senate, Senate leaders have worked up a compromise they think will get them past this blockage’, according to Auckland ... More>>

    NZ Government: 5,500 More Doctors And Nurses In Our Hospitals

    Health Minister Jonathan Coleman says a record number of doctors and nurses are working in District Health Boards across the country. More>>

    Controller and Auditor General: Katherine Rich Conflict of Interest Decision

    We are writing to you about a matter that has been raised with us by members of the public. More>>

    ALSO:

    Budget 2015: Andrew Little On The 2015 Budget

    Speaking to the Chamber of Commerce, the Labour opposition leader attacked the government’s approach to economic issues facing New Zealand. He said they have been “more than reckless in their complacency” and “the next week’s budget will do nothing ... More>>

    Defence Force: NZDF Building Partner Capacity Mission Personnel In Iraq

    NZDF Building Partner Capacity Mission Personnel in Iraq The New Zealand Defence Force Building Partner Capacity training mission contingent is in place at Taji Military Complex in Iraq. The Chief of Defence Force Lieutenant General Tim Keating says the ... More>>

    PM Press Conference: ACC Levy Cuts Announced

    In a press conference this afternoon in Wellington, ACC Minister Nikki Kaye proposed $500 million worth of ACC levy cuts. More>>

    Quakes: New Process For Red Zone Crown Offers

    Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Politics
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news