Exports under National are in permanent decline – a result that causes long-term damage to our country’s wealth and makes Bill English’s admission that he has no new ideas all the more serious, Labour’s Finance spokesperson David Parker says.
“National promised that exports as a percentage of GDP would increase from 33 per cent to 40 per cent under its watch. The opposite is happening. Exports have declined to 29 per cent and will drop even further to 26 per cent.
“This is despite the strongest terms of trade in a generation.
“That is the real story of National’s economic management. As a nation we are going backwards. The way to increase our wealth is to export more to our trading partners. That will lead to better jobs with higher wages.
“That won’t happen under National. Bill English admitted on The Nation he has no new ideas to turn around the economy. That’s worth showing again.
Lisa Owen: Mr English, I’m going to give you one last chance, Mr English. Have you got a new idea to boost our economy?
English: We want to keep going in the direction we’re going.
“It isn’t working. Labour has a real plan to boost exports. Our Economic Upgrade will focus on investment, innovation and industry to support exporting businesses.
“We will boost investment through making KiwiSaver universal to increase our national investment pool and use our capital gains tax to ensure that money goes into productive businesses.
“We will increase innovation through research and development tax credits and accelerated depreciation tax deferrals to encourage more investment in new technology and plant.
“We will develop industry through regional and sector plans such as our Manufacturing, ICT and Forestry and Wood Processing Upgrades to ensure critical industries get the policies they need to grow and export more.
“Exports are the key to growing our country’s wealth. Only Labour has a credible plan to do so,” David Parker says.
18 September 2014 MEDIA STATEMENT