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Capital feels a chill economic wind

 

Wellington is on the cusp of recession with a sharp fall in economic confidence in the latest Westpac McDermott Miller confidence survey, says Labour’s Regional Development spokesperson David Clark. 

“Economic confidence amongst Wellingtonians has dropped 12% in the past three months. In March a net 20 per cent were optimistic about the region’s future, now just 8 per cent are. 

 

“The number of people who are unemployed in the capital has risen by over 40 per cent under National to 18,300. 

“The Capital has more people on the benefit since National came to power; up 13 per cent to nearly 29,000. 

“The Government cut $14 million from the Capital and Coast District Health Board in this year’s Budget and $6 million dollars from the Hutt DHB’s budget. 

“Nearly 10,000 people in the Capital and Coast catchment have been denied operations after being referred by their GPs while in the Hutt one in five people referred to their hospital for surgery have been declined. 

“It’s also tougher for Wellington this year with house prices rising by 10 per cent and outstripping incomes increases. 

“Growing economic disillusionment is not just in the regions - now the big cities are feeling the effects of a stagnant economy,” says David Clark.