Finance

Government in denial over income inequality

Today’s Household Incomes Report from MSD underscores National’s continued failure to recognise inequality is a problem and is getting worse, Labour’s Finance spokesperson David Parker says.

“The report shows income inequality has increased over the past year and remains higher than when National took office in 2008.

“National has repeatedly denied what most New Zealanders understand - that the gap between rich and poor is widening.

No encore for the ‘Rock Star’ economy?

Another significant shortfall in the Government’s books suggests the economic recovery may have already passed most New Zealanders by, Labour’ Finance spokesperson David Parker says.

“With unemployment still high, wage rates stagnating and inequality widening, only the lucky few are benefiting from National’s much-hyped ‘rock star’ economy.

SPEECH: David Parker's speech to New Zealand Labour Party Congress 2014

Speech to the New Zealand Labour Party Annual Congress 2014

Kia ora tatou,

I’m delighted to speak with you this morning.

Fellow members, it’s invigorating to spend the weekend with so many people who care so passionately about this wonderful country.

You take the time and make the effort to come together to debate and challenge, to advocate solutions, to build a better New Zealand.

We are here because, as the saying goes, if you change nothing, then nothing changes. It’s obvious.

KiwiSaver’s 7th birthday something to be proud of

“KiwiSaver celebrates its seventh birthday today with 2.3 million people now enrolled, making it the most popular retirement saving scheme in New Zealand history, Labour’s Finance spokesperson David Parker says.

“KiwiSaver is yet another forward-thinking Labour policy that National vociferously opposed at the time but now supports through gritted teeth.

“On a day when there’s something to celebrate it’s sad National has to resort to myth-making and scare tactics regarding Labour’s capital gains tax (CGT) and KiwiSaver.

Labour’s alternative Budget for a strong economy and fair society

A Labour Government will run surpluses while investing in health and education, and paying off National's record debt, Labour Leader David Cunliffe says.

“Our Economic Upgrade will transform the New Zealand economy to higher value and higher incomes through higher investment, innovation and industry development.

“This will grow our economy and secure well-paid jobs and a more prosperous, sustainable future. This transformation will be based on a solid fiscal foundation.

English fooling no-one on inequality

Bill English’s narrow and selective focus on a small subset of inequality statistics is fooling no-one, Labour’s Finance spokesperson David Parker says.

“Bill English is yet again trying to hoodwink New Zealanders by claiming inequality is not growing. New Zealand is now a country where the gap between the wealthy and the less well-off grows wider every year.

“The public knows that. Bill English is so out of touch that he thinks the 75 per cent of New Zealanders who say the gaps are widening are wrong.

Provinces being hit hard by government policies

The overheated Auckland housing market and the Reserve Bank’s response to lift interest rates are causing massive damage to our provinces, Labour’s Finance spokesperson David Parker says.

“Leading economist Shamubeel Eaqub has called the latest rise in the official cash rate a ‘huge mistake’ that is punishing small town New Zealand.

Nats’ nix is no answer to Labour’s nest egg

National has admitted it has no ambition, no ideas and no hope for low income Kiwis wanting a nest egg in their retirement, Labour Leader David Cunliffe says.

“Finance Minister Bill English revealed all when crying crocodile tears over Labour’s just-released KiwiSaver policy when he said: ‘There’s a lot of people just getting by week-to-week on $5 here or $1 there.’

“He’s right. His Government has presided over an economy in which median wages for many have gone backwards in real terms; nearly half have not had a pay rise in the last year.

More evidence of need to clamp down on overseas ownership of farms and houses

On the back of Treasury, Reserve Bank and economist warnings that high net migration will lead to higher inflation, interest rates and house prices, we now have a large international fund manager targeting New Zealand and Australian farms for overseas investors, Labour’s Finance spokesperson David Parker says.
“UBS Global Asset Management has announced it has set up a ‘farmland investment advisory service to meet the growing institutional demand... particularly from Asia. The new capability will offer direct farmland ownership...’

Treasury cover-up of rebuild cost outrageous

John Key’s admission that the Government’s share of the Canterbury rebuild will increase to $20 billion less than a month after the Budget stated it was $15 billion, raises serious questions either about the political neutrality of the Treasury or their manipulation by National, Labour’s Finance spokesperson David Parker says.

“When the May Budget was delivered, the Opposition questioned the Crown’s cost for the rebuild after an independent report found the Christchurch City Council’s share alone had been under-estimated by more than $500 million.

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