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

 


Govt debt takes off

MEDIA RELEASE

Friday 23rd May 2014

Govt debt takes off

“Kiwis must not be fooled by the tiny budget surplus into believing the economy is back on track: it’s merely a face-saving sleight of hand by the Finance Minister who has promised much, but failed to deliver” according to Stephnie de Ruyter, leader of the Democrats for Social Credit Party.

“The uncomfortable reality is that Government debt has taken off under English’s stewardship, increasing from around $10b six years ago to $63b today. That’s an extra $53b borrowed over a few short years. And for what purpose?

“This year’s interest payments on the debt amount to a staggering $3.6b. That’s $3.6b to service debt to private financiers, money which could have been invested in New Zealand to back the real economy, to support the public service sector, to eradicate child poverty, to grow jobs.

“Had the Government exercised its right to borrow from our Reserve Bank, instead of from overseas money-lenders, there wouldn’t be any interest payable. And the debt would be owed to our own bank, not someone else’s.”

Ms de Ruyter noted that this option is recommended by the ‘Chicago Plan Revisited’ report to the IMF in 2012, and that the mechanism is clearly explained in the Bank of England’s Quarterly Bulletin Q1 2014.

“It’s bad enough that the nation’s future has been so heavily mortgaged, but it’s unforgivable to ignore the Reserve Bank’s interest free option when so many Kiwis are struggling.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news