Parliament

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

 

Reserve Bank predicts further economic slowdown


Paul Goldsmith - Finance

13 November 2019


The Reserve Bank has lowered its growth forecasts again as economic indicators continue to show New Zealand's economy is underperforming, National Party Finance Spokesperson Paul Goldsmith says.

"The Reserve Bank is increasingly pessimistic about the future due to this Government's refusal to implement any kind of economic plan to restart economic growth.

“This Government needs to stop blaming President Trump and everyone else and take responsibility for the things it has done to slow the economy.

“A slower economy means few opportunities for Kiwis to get ahead.

"The Reserve Bank started this year picking 3.0 per cent growth for 2019, it is now only expecting 2.0 per cent.

"This is despite New Zealand's terms of trade being near record highs.

"Losing this amount of economic growth is worth almost $3 billion to New Zealanders.

"Today's decision to leave the OCR at its record low of one per cent surprised the market, but monetary policy can’t do everything on its own.

"Finance Minister Grant Robertson deliberately leaving all the heavy lifting to the Reserve Bank to continually cut interest rates leaves nothing in the tank for a rainy day.

"Now it’s the Government's turn to make some pro-growth economic decisions.

"The Reserve Bank noted in its comments that, 'Potential GDP growth appears to be softer than previously thought, meaning that the pick-up in growth is less pronounced than projected in the August Statement'.

"New Zealanders are paying the price for Labour lacking any sort of plan for growth. They cannot afford this Government."

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

PM's Statement Prime Deadly Eruption Of Whakaari / White Island Eruption

At this stage, we can confirm that amongst those currently listed as missing or injured are New Zealanders who were part of the tour operation, and tourists from Australia, the United States, the United Kingdom, China and Malaysia. That is to the best of our knowledge.

To those who have lost or are missing family and friends, we share in your unfathomable grief at this moment in time, and in your sorrow. Your loved ones stood alongside kiwis who were hosting you here. We grieve with you, and we grieve with them... More>>

Police Update: Five Confirmed Dead - Eight People Unaccounted For
Work has continued overnight to respond to the eruption on White Island. Enquiries with tour operators indicate that 47 people were on White Island at the time of the eruption. Police can now advise that in addition to the five people confirmed deceased, eight people remain unaccounted for following the eruption. More>>

 

Big, Bold, Permanent Change Needed: Children's Commissioner On 2019 Child Poverty Monitor

“I want to see family incomes dramatically raised by increasing benefits and making the minimum wage a living wage. And the Government needs to move much faster at increasing the supply of social housing..." More>>

ALSO:

RNZ Live Updates: Weather Mayhem Strands Tourists; Major Roads Closed

Hundreds of tourists are stranded on the West Coast, and on the other side of the South Island a flood-damaged bridge has closed State Highway 1, after a weekend of torrential rain... More>>

ALSO:

Policing: Armoured Specialist Police Vehicles

New Zealand Police has taken delivery of three Armoured Special Purpose Vehicles. The vehicles are unmarked and look like standard Toyota Land cruisers... They will not be used for patrol. More>>

Single Use PVC And Polystyrene Out: Next Steps On Plastic Waste

The Government will phase out more single-use plastics following the success of its single-use plastic bag ban earlier this year and the release today of a pivotal report for dealing with waste. More>>

ALSO:

Faafoi Statement: Minister's Suspicious Immigration Texts

I have apologised to the Prime Minister and understand I have let her down in regards to my dealings with Jason Kerrison over an immigration matter concerning his family. More>>

ALSO:

NZ First Conflicts Of Interest: New Details Around Timeline

New information has emerged showing it was the New Zealand First chief of staff who identified potential conflicts of interest between a forestry company and two senior government ministers, sparking a series of declarations. More>>

Earlier:

Donations:

Five New Cancer Meds In Six Months: Pharmac Funds More Cancer Medicines, Faster Assessment

PHARMAC has confirmed that two new medicines – olaparib for ovarian cancer and fulvestrant for breast cancer – have been approved for funding... Rituximab and bortezomib, which are already funded, have also been approved for widened access following successful commercial proposals from new suppliers. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels