Today's cut in the OCR needs to be supported with fresh ideas from the National Government to grow the economy, lower unemployment and lift incomes, says Labour's Finance Spokesperson Grant Robertson.
“The fall in the OCR to 2.5% matches the low point reached during the Global Financial Crisis and the Canterbury earthquakes. Bill English said last year that an increasing OCR reflected the strength of the economy. If that is the case then four cuts to the OCR in the last six months to a record low must reflect a weakening economy.
Bill English's disinterested and lacklustre performance at the Finance and Expenditure Committee this morning reflects National’s complacency as the New Zealand economy drifts into an economic malaise, says Labour's Finance Spokesperson Grant Robertson.
“Bill English today made it clear there was no sustainable surplus. With the Treasury Half Year Economic Update to be announced next week, he is softening up the public for a deficit in 2015/16. While he is wheeling out the same old excuses, a lack of growth, rising unemployment and stagnant wages are the primary reasons for the deficit.
Thousands of car owners whose vehicles are incorrectly classified under National's shambolic ACC motor vehicle risk rating system face further delays in getting their levies right, Labour ACC spokesperson Sue Moroney says.
“The Government has admitted it wrongly classified 115,000 vehicles last year, but several other models have subsequently been identified as having nonsensical ratings.
EQC has admitted it didn’t know its full Canterbury claims liability at the same time it was reducing the Government’s ultimate liability to let Bill English scrape together a surplus, says Labour Finance spokesperson Grant Robertson.
“At the Finance and Expenditure Committee this morning the Earthquake Commission acknowledged that at the end of the last financial year they had yet to finalise a policy for loss of value claims related to increased liquefaction vulnerability nor did they know the number of properties affected by increased flooding vulnerability.
Gerry Brownlee can’t get away with his usual bluff and bluster in response to Treasury’s scathing critique of the Christchurch anchor projects, Labour Finance spokesperson Grant Robertson says.
“Mr Brownlee has a reputation for barging through any questions or criticisms. He’s trying to do that again today after Treasury put red ratings on the Canterbury anchor projects, meaning they may not be delivered successfully.
Southland’s low consumer confidence reflects the Government’s terrible record when it comes to regional growth, says Economic Development spokesperson David Clark.
“The latest ANZ Regional Trends report shows a massive drop in consumer confidence in Southland over the last year from a net positive 22 per cent last year to negative 7.2 per cent today, the lowest in the country.