Labour Calls for a New New Zealand

March 15, 2012 New Zealand Finance

Lamb Chop and Mint SauceAccording to the Labour Party, the New Zealand economy is overly concentrated on a limited number of different economic activities, and in the future the country needs to change its economic focus.

Earlier today, on March 15th, the leader of the Labour Party of New Zealand David Shearer gave his first major address as the leader of the opposition, outlining the party’s plans for the New Zealand economy into future, calling them a “vision for a new New Zealand”.

According to David Shearer, New Zealand has an overwhelming amount of foreign debts, and the level of income seen by most New Zealanders is disproportionately low. He also said that the country concentrates too heavily on producing a limited number of selected export goods, such as meat, wool and dairy, and the New Zealand economy would have to undergo large fundamental changes before the national economy can make any significant improvement.

Commenting on the government’s current economic policies, the Labour leader said that while New Zealand exporters might currently be enjoying increased demand from our main trading partners and raised commodity prices, the boom is only temporary and is not significant enough to support New Zealand’s economy over the long term.

The Minister also added that if the sale of national state assets goes ahead, as currently planned by the government, the extra funds raised will have very little positive impact on the economy or on the government’s fiscal position.

Further, he pointed to the intentions of the National Party to merge and restructure several government departments and public service programs, saying that the move would not be a positive for the New Zealand public and would not lead to a significant improvement in the country.

David Shearer said that under a Labour led government, the country would see an overhaul to the education system, which would create an economy more concentrated on knowledge and innovation. He explained that in the coming month the Labour party would release further economic plans for New Zealand, outlining steps needed to boost national growth.

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