29 October 2004

Boom Or Bust?

New Zealand First trade spokesperson Dail Jones says New Zealand’s record-high trade deficit figures are no surprise given the Government’s increasing interest rates.

“Successive interest rate rises and an over-valued New Zealand dollar is crippling New Zealand’s export trade, while importers make the most of a good deal,” said Mr Jones.

“New Zealand is now sitting on an annual trade deficit of four billion dollars - its largest ever. September’s trade deficit figures alone show a 47.4 percent export deficit.

“While the Government is trying to ride on the back of an ill-fated, immigration-fuelled consumption-based economy, ordinary New Zealanders are failing to see any tangible benefits of the so-called economic boom. “It bears all the hallmarks of the old fashioned Muldoon era ‘Boom and Bust Economy’,” concluded Mr Jones.

ENDS

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