Parliament

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

 

NZ in ‘GDP per person recession’ under Labour

Paul Goldsmith - Finance

19 December 2019

GDP figures released today show New Zealand went into a ‘GDP per person recession’ in the first half of this year, and continue to show an economy that is failing to deliver higher living standards for New Zealanders, National’s Finance spokesperson Paul Goldsmith says.

“GDP per person growth is the best indicator of increased living standards.

“Revisions to old GDP data show that in the first two quarters of 2019, New Zealand was in a ‘GDP per person recession’. That is a shocking reflection of Labour’s economic management.

“The New Zealand economy has had a real fall from grace in the past two years. Under National, GDP per person growth averaged 1.8 per cent during our last five years.

“Predictably, Grant Robertson will boast that New Zealand’s headline GDP growth rate of 2.3 per cent is satisfactory relative to other countries.

“Firstly, that is well below the 3 to 4 per cent growth he inherited. And secondly, what he will refuse to admit is that on a per person basis New Zealand is well off the pace. We are behind the US, the EU, Japan and the vast majority of OECD countries.

“Meanwhile productivity, which is what really matters, continues to stagnate.

“National managed to combine a growing population with increasing incomes per person. The current Government, by contrast, is relying almost entirely on population growth to drive the economy.

“The Government has shown it is an incompetent economic manager. Not only has it dragged New Zealand into a per person recession, it has also dragged this country back into deficit after inheriting surpluses as far as the eye can see.

“If National is elected in 2020 we will restore confidence and revive the economy by reducing taxes, encouraging the flow of investment, removing unnecessary regulations and increasing the flexibility in our labour markets.”

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On Who Decides On The Priority List For Vaccines

During the past week, the nation has gone through a range of mixed feelings about south Auckland. Understandably, there’s been a hankering in some quarters to punish a few of the rule breakers who plunged all of Auckland back into lockdown…Yet alongside that impulse there also been compassion for the way that poverty and overcrowding make south Aucklanders extremely vulnerable to the spread of the virus... More>>


 




Government: PHARMAC Review Announced

The Government is following through on an election promise to conduct an independent review into PHARMAC, Prime Minister Jacinda Ardern and Health Minister Andrew Little announced today... More>>

ALSO:


Government: Main Benefits To Increase In Line With Wages

All measures of child poverty were trending downwards, prior to the COVID-19 lockdown, across the two years since year ended June 2018, Stats NZ said today. The COVID-19 lockdown in late March 2020 affected Stats NZ’s ability to collect data from households ... More>>

Government: Reserve Bank To Take Account Of Housing In Decision Making

The Reserve Bank is now required to consider the impact on housing when making monetary and financial policy decisions, Grant Robertson announced today. Changes have been made to the Bank’s Monetary Policy Committee’s remit requiring it to take into ... More>>

ALSO:


Covid-19: Auckland Back To Alert Level Three After One New Community Case Revealed

Auckland will move to alert level three for a week at 6am tomorrow morning after two new Covid-19 community cases announced this evening could not be directly linked to earlier cases, the Prime Minister has confirmed.
The rest of the country will move to level two.... More>>

NZ Initiative: New Report Highlights How Our Housing Crisis Could Worsen If We Don’t Act Now

If New Zealand politicians thought the housing crisis in 2020 was bad, the worst is yet to come, warns a new report by The New Zealand Initiative. In The Need to Build: The demographic drivers of housing demand , Research Assistant Leonard Hong ... More>>

Parliament: Kiwi MPs Among The “Most Educated In The World”

New analysis of MP qualifications reveals New Zealand’s Parliament is one of the most educated and highest qualified in the world, and significantly more educated than Australia’s. The research, by Mark Blackham of BlacklandPR and Geoffrey Miller ... More>>

The Dig: An Illogical Ideological Struggle

Dig beneath all the trade wars and the arguments to the effect that the USA should not permit China to achieve economic and technological superiority, or even parity, and you find the real reason behind the conflict... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels