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 War Crimes And The Afghan Insurgency

Truly, with friends like former defence Minster Wayne Mapp, the SAS does not need enemies. At the very least, the Hit and Run book has raised the possibility that the New Zealand SAS committed war crimes in the attack they led in Afghnistan upon the villages of Naik and Khak Khuday Dad...

Mapp’s attempted defence of the SAS on RNZ this morning unintentionally indicated that collective punishment was baked into the planning exercise for the raid, and also into how the raid proceeded on the ground. More>>

 
 

Little Heading For Court: Apology Over Donation/Hotel Contract Claims Not Accepted

Today I want to publicly apologise unreservedly to Mr Hagaman for any hurt, embarrassment or adverse reflection on his reputation which may have resulted from my various media statements. I have offered that apology to the Hagamans. More>>

ALSO:

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

OutsKey: John Key's Valedictory Speech

I rise to address this House for the very last time. It has been a huge privilege to have served the people of Helensville as their member of Parliament, and, of course, the people of New Zealand as their Prime Minister. More>>

ALSO:

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

PM's Press Conference: Water Everywhere

Monday's Post-Cabinet press conference focused on water, with the Prime Minister fielding questions about the possibility pricing water taken for export. Mr English said the government was directing their water allocation technical advisory group to include export water in considerations. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news