‘Rock star’ economy hitting the rocks 26 Aug 2014
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Minister launches SmartGate in Wellington Travel
- Prime Minister to travel to South Africa News
- Brownlee Leads Aviation Mission To Shanghai News
- New Zealand-Russia begin FTA scoping discussions News
- NZ migration bolstered by British invasion Migration
- Sludge Report #192: The Naked Budget Columns
- Budget 2010 – Building the Recovery News
- NZ manufacturing activity reaches highest since 04 Business
- Unemployment rate falls from 7.1 to 6 percent Recruitment
Green Party
26 August 2014
‘Rock star’ economy hitting the rocks
National’s so-called ‘rock star’ economy is unravelling and today’s trade figures for July showing a 7.5 percent fall in exports from June is a sign of the trouble ahead, the Green Party said today.
“The 5 percent fall in dairy exports, is indicative of the problems ahead and demonstrates the folly of National’s polluting economy relying so heavily on commodities,” Green Party Co-leader Dr Russel Norman said today.
“Dairy comprised nearly 42 percent of all exports in the year to July while manufactured exports have dropped to 21.6 percent of total exports from 28.9 percent when National tool office.
“It shows how the manufacturing sector, where so many jobs come from, has been hollowed out under National.
“Bank economists are now saying that New Zealand’s so called ‘rock star’ economy could soon hit the rocks and the lack of any coherent strategy by the Government risks a ‘hard landing’ once temporary factors such as the Christchurch rebuild and high dairy prices wear off and New Zealand families will feel the hangover.
“Treasury in its Pre-election Economic and Fiscal Update last week stated the main two factors of economic growth were residential house building in Christchurch and Auckland together with high immigration fuelling consumption – hardly a solid basis for sustainable prosperity.
“According to Westpac chief economist Dominick Stephens, New Zealand's recent growth has been fuelled by the Canterbury earthquake rebuild, low interest rates and a surge in net migration.
“He warns high immigration could abruptly end and when the Canterbury rebuild is complete, people will be surprised by the size of the economic downturn.
“There has been a blind faith in National’s economic management and the reality proves that’s misguided.
“National’s plan is based on increasing the volume of dairy production. Not only will this further pressure an already highly stressed environment, but its plain bad economics.
“Dairy prices have plunged over 40 percent since February due to increased supply – adding more volume will only reduce prices more.
“National is offering nothing to mitigate the dangers the bank economists warn of. National’s solution is commoditisation and more volume, which means more pollution, not diversifying and not adding value.
“Even in Christchurch National has no plan for the future. Their focus is one-off projects like the stadium and the convention centre, rather than building a comprehensive, integrated public transport network that has benefits for all that lasts for generations.
“The Green Party has a clear plan and policies to implement it. We need to build an economy based on innovation and adding value to products made here together with reducing reliance of fossil fuels – a greener, smarter economy that benefits all.
“We will invest an extra $1 billion in Research and Development in the next term, doubling the Government R&D contribution,” Dr Norman said.
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more