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

Anzac Day:


Reshuffle: PM Announces Changes To Ministerial Portfolios

Prime Minister Bill English today announced the appointment of Gerry Brownlee as Minister of Foreign Affairs, Nathan Guy as Minister of Civil Defence, Nikki Kaye as Minister of Education and Mark Mitchell as Minister of Defence.

The changes follow the resignations from Cabinet of Hekia Parata and Murray McCully.

In other changes Simon Bridges has been appointed Leader of the House and Nicky Wagner has been made Minister supporting Greater Christchurch Regeneration. More>>

 

Q+A Transcript: CTU Call For 'National Standards' On Wages

‘If you look at countries who do better than us, who pay wages better, who have more competitive industries, more successful economies, they have systems where there are national standards.’ More>>

ALSO:

Health Workers Respond: People's Mental Health Report Released

The People's Mental Health Review reinforces a recent YesWeCare.nz survey of 6,000 health workers, which found nine in 10 believe they don't have the staff or resources to deliver the care Kiwis need when they need it. More>>

ALSO:

More Mental Health:

Energy: Greens Launch Plan For Cheaper And Cleaner Electricity

$112 million for winter warm-up payments to help low-income households cover their power bills • setting a goal for 100 percent renewable electricity by 2030 (in average hydrological conditions) • an investigation into the electricity wholesale market. More>>

ALSO:

Gordon Campbell: On The Aged-Care Settlement

Until yesterday, a National government has always been the sworn enemy of women seeking justice in the workplace, in the face of gender-based pay discrimination. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news