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


Moody’s praises National legacy now being eroded

Moody’s praises National legacy now being eroded

It is good news for the New Zealand economy that Moody’s Investors’ Service has affirmed our Aaa rating but we shouldn’t let the Government now waste it, National’s Finance spokesperson Amy Adams says.

“The recent international credit rating agency report praises the strength of an economy built up under nine years of a National Government.

“In Moody’s own words: it notes how New Zealand’s fiscal metrics ‘improved swiftly in the aftermath of the 2008 recession and the 2011 Canterbury earthquake; they continued to improve through the downturn in commodity prices from 2014-2016 and the Kaikoura earthquake in late 2016.’

“That New Zealand survived both economic and natural challenges and was still able to emerge stronger is testament to National’s stable hand in Government

“Moody’s also praised National’s debt reduction, pointing out that ‘the central government's gross debt fell to 26.5 per cent of GDP in 2017 from a recent peak at 31.3 per cent in 2012.’

“Economists have already cut their forecasts for Government surpluses in coming years because of the likelihood the Government will need more revenue than it expects to fund its wasteful and largely unquantified spending plans.

“National built up strong economic foundations for New Zealand which are now at risk of being torn down, undoing all the good words Moody’s have today praised.

“The Government’s employment policy will undermine the strength of New Zealand’s labour force and make it less flexible at a time when great change is being demanded of employers in a global market.

“It has already damped enthusiasm for New Zealand as an export destination, turning away the vast investment appetite of global capital right now.

“It also decided to impose a fuel tax just as global crude prices were rising, hitting Kiwis at the petrol pump and its ban on oil and gas exploration ensures New Zealand will be a net importer of fossil fuels products, with all the cost that implies, for the foreseeable future.

“It is far easier to spend wealth than create it. National wants all New Zealanders to have the opportunity to accumulate wealth.

“Low-quality spending such as we’ve seen from this Government with its working groups, slush funds and massive but unsuccessful student bribe shows how quickly gains can be eroded.”

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why New Zealand Needs To Change Its Defence Habits

In a flashback to the military displays of days gone by, one of our frigates recently joined a Carrier Strike show of force in the South China Sea, en route to a joint military exercise in Singapore with our traditional allies, called BersamaGold21. Reportedly, Anna Powles, from the Centre of Defence and Security Studies at Massey University felt this to be a case of us doing our bit to uphold international law, and the right of free transit through the region in question... More>>

Government: New COVID-19 Protection Framework Delivers Greater Freedoms For Vaccinated New Zealanders

Vaccinated New Zealanders will regain everyday freedoms when the country moves to a new simplified COVID-19 Protection Framework that doesn’t rely on nationwide lockdowns as the main measure to stop the virus spreading. In a suite of announcements that establish a pathway out of restrictions the Government is also providing up to $940 million per fortnight to support businesses through the challenging period... More>>



Government: Responds To Independent Review Into WorkSafe

The Government has clear expectations that WorkSafe must action the recommendations of the independent review into the regulator to improve its management of adventure activities following the tragedy at Whakaari White Island, Workplace Relations and Safety Minister Michael Wood says... More>>

Government: New Zealand Secures Historic Free Trade Deal With The United Kingdom
New Zealand and the United Kingdom have agreed in principle the details of a historic Free Trade Agreement (FTA), which will further accelerate our COVID-19 economic recovery say Prime Minister Jacinda Ardern and Minister for Trade and Export Growth Damien O’Connor... More>>


Ombudsman: Launches Investigation Into MIQ Booking System
The Chief Ombudsman Peter Boshier is launching a broad investigation into the Managed Isolation and Quarantine (MIQ) booking system after receiving hundreds of complaints... More>>


Pay Cheque To Pay Cheque: Half A Million New Zealanders Have No Savings
New findings from the Consumer NZ sentiment tracker found that 15% of New Zealanders had no savings, and a further 27% were anxious about their level of savings and would like to have more tucked away... More>>

Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>

Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>




InfoPages News Channels