23 June 2005

Record Current Account Deficit Highlights Major Government Failing Says New Zealand First

The façade of this government’s so-called economic management is coming apart at the seams for all to see as the mushrooming Current Account Deficit crisis highlights, says Rt Hon Winston Peters

Mr Peters was responding to the reports of New Zealand’s Current Account Deficit reaching record levels, crashing through the $10 Billion mark and 7% of GDP.

“This has reached truly crisis proportions, and it was driven by imports growing faster than expected, higher incomes from foreign investors and lower tourism returns.

“When is this government going to wake up to the fact that hocking off our land and assets to foreigners and a myopic focus on Free Trade Agreements with the low wage economies of large Asian nations, is causing large scale damage to our economy.

“We are simply not paying our way in the world and we are becoming more and more exposed by the day. This is no way to run an economy.

“New Zealand First is the only party in parliament which offers a policy of an export plan to address this dangerous trade imbalance. We are the only party seeking to reverse the trend of selling off our valuable land and assets, and we are the only party which seeks to make this economy work for New Zealanders, not foreign investors.

“When it comes to the economy, New Zealand First is the only party that seeks to amend the Reserve Bank Act to make exporting and real growth as important as other considerations,” said Mr Peters.

ENDS

© Scoop Media