New Zealand Labour Party

News about the Economy & Employment

Gisborne - the economic gloom capital

Almost one in five people in Gisborne are on some sort of benefit, the highest rate in the country, says Labour’s Economic Development spokesperson David Clark.

 “It is also one of the most depressed regions in terms of consumer confidence with today’s Westpac McDermott Miller survey showing a 14 per cent drop in business optimism over the past three months.

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Otago can add a billion to our economy

Today’s Westpac Consumer Confidence Survey paints a bleak picture of the Government’s economic management in Otago. The report shows economic confidence is negative, and consumer confidence is down by a whopping 7.4% in the most recent quarter. says Labour’s Economic Development Spokesperson David Clark. 

“If the Otago economy was achieving its potential we would be a billion dollars richer.

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Big fall in China dairy exports as Fonterra production drops

Milk powder exports to China have dropped 34 per cent in the last year, showing the dangers of National’s ‘one company exporting one product to one country’ exports strategy, says Labour’s Economic Development spokesperson David Clark.

“Not only have milk powder exports to China fallen by a third, overall dairy exports have fallen 25 per cent and exports to China are down 28 per cent in the last year, according to the Overseas Merchandise Trade figures today.

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National’s $6b Super Fund shortfall

National’s short-sighted decision to halt contributions to the Super Fund has left the country $6 billion worse off, Labour’s Finance spokesperson Grant Robertson says.

“Thanks to National’s contributions freeze the Fund is not only $18.2 billion smaller than it would otherwise be, the Guardians of the Super Fund say that even taking into account the cost of borrowing, taxpayers are $6.2 billion worse off.

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Early levy removal shows crisis manufactured

The early removal of ACC residual levies confirms that National’s manufactured crisis in ACC when they took office was just an excuse to over-charge ACC levies for the past seven years, Labour’s ACC spokesperson Sue Moroney says.

The residual levy is being removed at least two years early. This means the lifetime costs of injuries incurred prior to 1999 has been met by ACC earlier than projected.

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Joyce’s invisible hand all over AgResearch bungle

The chaotic restructure at AgResearch has Steven Joyce’s invisible hand all over it, especially given he knows more about it than the staff at the institute, says Labour’s Economic Development spokesperson David Clark.

“Mr Joyce has admitted there will be significant job losses at AgResearch but none of the staff have been informed yet. The Board is in chaos because of a meddling minister.

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AgResearch cuts show organisation in chaos

Rumours of further job losses at AgResearch show an organisation in chaos, which is driving scientists offshore when we need opportunities for them to stay in New Zealand, says Labour’s Economic Development Spokesperson David Clark.

“AgResearch has repeatedly failed to meet its business case deadlines for its future footprint restructure. There was supposed to be a new business case in June after the previous process was slammed by the Auditor General.

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Target fail: Exports to GDP lowest since 1997

National has fallen even further behind its target of exports being 40 per cent of GDP, with the rate now the lowest since Jim Bolger was Prime Minister, Labour’s Economic Development spokesperson David Clark says.

“National is not only failing to meet its target, it’s going backwards. Statistics today show exports are just 28 per cent of GDP on an actual basis, down from 32 per cent when National came into office.

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Worst Six Months for Economy since 2011

Today’s new GDP statistics show growth per capita has declined for two quarters in a row but the Government is still just watching from the sidelines, Labour’s Finance spokesperson Grant Robertson says.

“This quarter GDP per capita is down by 0.03 per cent, following a 0.3 per cent decline the previous quarter. This is the worst six months for economic growth per capita in over four years.

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