Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Overcoming oil addiction to ease interest rates

Overcoming oil addiction essential to easing interest rate pressures

Green Media Release 7th December 2006

Cheaper oil has given New Zealand a temporary interest rate reprieve but we need to invest in alternatives to our oil addiction if we want to futureproof our economy against future oil price rises and hence interest rates rises, says the Green Party.

“The decision by the Reserve Bank to hold interest rates steady is largely attributable to the drop in oil prices over the last few months, but they will not stay low in the long term,” says Russel Norman, Green Co-Leader.

“Our addiction to imported oil results a permanent inflationary risk to the New Zealand economy, and a permanent risk to blowing out our record trade deficit and current account deficit,” according to Dr.Norman, also the Greens’ Economics Spokesperson.

“In the long term oil prices can only increase and hence we need to make investments now to reduce our oil dependence in the future.

“Our woeful public transport leaves people dependent on oil-driven private cars. We need to invest massively and rapidly in decent, affordable, reliable, clean, regular public transport so that people have a real alternative to taking the car.

“Electrifying and extending the Auckland rail system is a particularly urgent public transport infrastructure investment.

“We also need investments in alternatives to road freight such as rail freight and coastal shipping.

“Sweden has committed to going oil free by 2020 so why can’t we?

“To put downward pressure on interest rates, greenhouse emissions, the trade deficit, and the current account deficit we should be breaking our oil addiction as fast as possible.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why Worksafe’s Whakaari/White Island Prosecutions Are Good News

Somewhere in Heaven, Helen Kelly must be smiling about Worksafe’s criminal prosecution of 10 firms and three individuals for their roles in the lead up to the Whakaari /White Island tragedy. In tandem with the subsequent coronial inquest, these court proceedings will hopefully culminate in the creation ( finally!) of a central agency to regulate the adventure tourism sector and improve public safety on matters like risk assessment, safety guidelines, inspection, enforcement and injury reporting... More>>


Carbon Neutral Policy: Gov Declares Climate Emergency

The Government has launched a major new initiative to combat climate change that will require the public sector to achieve carbon neutrality by 2025. More>>


Pill Testing: Govt Moves On Drug Checking To Keep Young New Zealanders Safer This Summer

The Government will pass time limited legislation to give legal certainty to drug checking services, so they can carry out their work to keep New Zealanders safer this summer at festivals without fear of prosecution, Health Minister Andrew Little ... More>>


WorkSafe: 13 Parties Charged Over Whakaari/White Island Tragedy

WorkSafe New Zealand today filed charges against 13 parties in relation to the Whakaari/White Island eruption in December last year. “22 people have lost their lives in this tragic event. WorkSafe is tasked with investigating workplace incidents to determine ... More>>


Tax: Government Fulfils Election Undertaking On New Top Tax Rate

The Government will today keep its election promise to put in place a new top tax rate of 39 per cent on income earned over $180,000. More>>


Media: Stuff Holds Itself Accountable For Wrongs To Māori

Stuff has today published the results of an investigation into itself, and issued a public apology, for the way the media organisation has portrayed Māori, the indigenous people of Aotearoa New Zealand, from its first editions to now. Tā Mātou Pono | More>>


Economy: Crown Accounts Reflect Govt’s Careful Economic Management

The better-than-expected Crown accounts released today show the Government’s careful management of the COVID-19 health crisis was the right approach to support the economy. As expected, the Crown accounts for the year to June 2020 show the operating balance ... More>>





InfoPages News Channels