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Out Of The Dip But Big Challenges Remain

CTU MEDIA RELEASE
21 December 2006

Out Of The Dip But Big Challenges Remain

The September quarter GDP figures look back on the recent dip in economic activity when in fact the economy is now picking up, the Council of Trade Unions said today.

Now the key issues we face are less about the economic cycle and more about structural issues such as low savings, high household debt, a high current account deficit, low wages and low productivity.

Peter Conway, CTU economist said today that "these are not issues that monetary policy can address".

“The CTU wants to see the Business Tax Review include an option of a 4% tax cut for business offset against compulsory employer contributions to KiwiSaver rather than a simple cut in company tax.”

“We want to see even more investment in skills, technology and quality infrastructure and we also are seeking a much more positive approach from employers to industry bargaining to lift wages.”

“Unions also want to see economic growth that is not based on increasing hours of work of work for those already stretched too far, but innovative work practices and value added products and services," Peter Conway said.

ENDS

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