Kiwis are being hit in the back-pocket by National’s stagnant economic mismanagement with new figures showing weekly incomes have stalled, says Labour’s Finance spokesperson David Parker.
“With medium weekly incomes rising more slowly than inflation Kiwi families have less money at the end of the week than they did this time last year. John Key promised New Zealanders a step-change in the economy that would make Kiwis better off but has delivered stagnation instead.
“Median weekly incomes rose by just $6 compared to last year, less than inflation. This is the lowest annual increase since June 1999 – it’s no coincidence this was also under a National Government.
“Our economy is stagnating and that’s shown in our weekly wages. The economy is not working for ordinary people when their incomes do not keep up with inflation.
“At a time when jobs hard to come by and losses announced every week, many Kiwi families are in real trouble because they can’t earn enough. National’s economy is failing ordinary New Zealanders.
“National rejects ideas to improve Kiwis’ pay-packets, saying government can’t do anything. They are simply accepting second-best.
“National’s plan for our economy is inadequate. More and more disappointed New Zealanders are giving up and leaving each month.
“Labour’s economic goal is to increase incomes for Kiwis. We will increase the minimum wage so families have more room to breathe. And we will make the necessary bold, innovative economic changes to support high-value and high-growth businesses so they can create better jobs that pay better wages.
4 October 2012 MEDIA STATEMENT