Ordinary Kiwis Not Benefitting From Bogus Boom

Published: Fri 24 Sep 2004 11:48 AM
24 September 2004
Ordinary Kiwis Not Benefitting From Bogus Boom
Rt Hon Winston Peters says New Zealand’s balance of payments is plunging deeply in deficit and that the hollowing out of the economic base has proceeded unchecked as productive assets have continued to pass into foreign hands.
Mr Peters comments follow reports that a higher-than-expected tax revenue and profits have resulted in a record $7.4 billion surplus for the Government.
“Mr Cullen’s claims that such a large surplus indicates an economic boom for this country are bogus. With so many prime assets in foreign ownership, much of this wealth is disappearing overseas,” said Mr Peters.
“While the Government sits on a record surplus, ordinary New Zealanders are still facing deficiencies in social services, health services and education services – all of which are caused by lack of money.
“The so-called economic boom that New Zealand is experiencing is a façade. None of this wealth is reaching ordinary New Zealanders.
“No wonder we have a chronic and deepening annual balance of payments deficit – the loss through what used to be called invisible exports is immense and ordinary New Zealanders are paying the price for it through increasing tax and interest rates,” said Mr Peters.

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