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Incomes lag as house prices rocket under National

4 October 2013

Incomes lag as house prices rocket under National

John Key has broken his promise of a brighter future for New Zealanders with incomes lagging as rocketing house prices put homeownership further and further out of reach for families, Green Party Co-leader Metiria Turei said today.

Statistics New Zealand’s Income Survey, released today, shows that the average income in New Zealand rose by 2.2 percent in the year to June 2013 and by 8.1 percent over the past five years. That compares to the average house price rising 8.5 percent in the past year and 17.7 percent since 2008 according, to Quotable Value. The disparity is worse in Auckland where the average income fell 1.3 percent in the past year and has risen just 3.9 percent in the past five years compared to a 13.1 percent increase in house prices in the past year and a 30.1 percent rise since 2008. Under National, incomes have also fallen behind general inflation, which has totalled 10.8 percent in the past five years.

“Kiwis’ incomes are not keeping up with the skyrocketing price of houses under National. This isn’t the brighter future that John Key promised New Zealanders,” said Mrs Turei.

“Nationwide, house prices rose at four times the rate of incomes. It’s even worse in Auckland: the average income fell while house prices went up by 13 percent. The cost of living has risen faster than incomes under National.

“This adds up to a less secure, less prosperous life for many New Zealanders.

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“The Green Party has put forward a package of smart, green housing policies that will stabilise prices and give young families an affordable pathway to homeownership. We’ve also released the Manufacturing Inquiry report and pushed for monetary policy reforms that will create high-skill, high-wage jobs and boost incomes. The Greens will back Kiwi jobs and Kiwi manufacturing by making sure the Crown buys New Zealand-made whenever possible.

“The National Government, on the other hand, has little to offer beyond token gestures. John Key’s too busy bailing out influential corporates to help everyday New Zealanders who are struggling to get by,” said Mrs Turei.

ENDS

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