INDEPENDENT NEWS

CPI Highest Since Lange Was PM

Published: Mon 18 Oct 2021 10:54 AM
"Excluding quarters impacted by increases to GST rates, the September quarter movement was the highest since the June 1987 quarter, which saw a 3.3 percent rise."
“More bad news for New Zealanders as the cost of living once again skyrockets, with the Consumer Price Index showing the worst inflation figures in 10 years,” says ACT Leader David Seymour.
“As ACT’s Associate Finance spokesperson Damien Smith pointed out to Parliament, Statistics New Zealand was the only outfit in the country that didn’t know about inflation.
“The rest of New Zealand has been feeling it at the pump, in the vege aisle and even at the fish and chip shop with the price of battered fish rising 5.3 per cent year on year.
“None of that is to mention the devastating effect of 30 per cent house price inflation on a young generation trying to find their way in the world, hoping to follow their parents and grandparents into a property-owning democracy.
“As you might expect us to say at this point in an ACT Party press release – the Government is to blame, and you’ll be wanting to know why.
“This Government has modified the Reserve Bank Act, giving the bank a dual mandate of fighting inflation and maintaining employment rates. It now has an excuse to pursue any policy track it likes, with a choice of mandates to justify it.
“The Government also modified the governance politicising the bank by putting a Treasury representative on the Monetary Policy Committee.
“The Government’s relentless focus on regulation and redistribution, added to global supply chain interruptions, has further fuelled inflation with too much money chasing too few goods.
“The Government has been the biggest beneficiary of the inflation with GST, business and personal taxes swelling the Government’s coffers to a record $98 billion.
The obvious solution is to implement ACT’s tax policy removing the 39-cent envy tax rate, and cutting the middle rate of 30 cents, to 17.5. This policy would deliver the average full-time worker around $2000 a year to help deal with the rising cost of living.”

Next in New Zealand politics

Omicron Outbreak Would Move The Country To Red - Expert Reaction
By: Science Media Centre
New Zealand Prepared To Send Support To Tonga
By: New Zealand Government
COVID-19 Immunisation Starts For 5 To 11-year-old Tāmariki
By: Ministry of Health
Departures Lift Border Crossing Numbers
By: Statistics New Zealand
Open Letter To Government From Non-bank Lenders: The Path Forward On CCCFA Changes
By: Financial Services Federation
Too Many Kiwi Workers Financially Vulnerable As Omicron Looms - Annual Workforce Survey
By: CTU
View as: DESKTOP | MOBILE © Scoop Media