Low inflation in the Consumer Price Index (CPI) hides the way the housing crisis is hitting peoples’ pockets and distorting our economy, the Green Party said today. The CPI showed that inflation was 0.2 percent in the March 2016 quarter and 0.4 percent for the year to March 2016, but housing costs rose 3 percent in the year. MBIE data shows rents across the Auckland region rose on average 5.2 percent in the last 12 months. “Low oil prices mean...

The Government must stop allowing the foreign trust industry to operate in secret here to prevent New Zealand becoming a tax haven for criminals, the Green Party said today. New Zealand foreign trusts have again been implicated in money laundering, tax avoidance, and criminal activity following a massive document leak from a Panamanian law firm Mossack Fonseca. The documents reportedly show that New Zealand is being used by overseas investors to keep tax secrets. “New Zealand is today being described...

Productivity growth under National’s economic management is the weakest it’s been since 1996, the Green Party said today. Productivity statistics released today by Stats New Zealand show that while productivity growth this year has been positive, productivity growth over the whole economic cycle is well below longer-term trends. Productivity is best observed in growth cycles rather than in single year figures, they say. “Productivity growth over this most recent economic cycle (2008-2015) is the weakest it’s been in twenty years,”...

The gap between the tradable and non-tradable parts of the economy has grown to its biggest since 2000 meaning the economy is growing more unbalanced under National’s economic leadership, the Green Party said today. GDP statistics released today by Statistics New Zealand show that the tradable parts of the New Zealand economy (exporters and trade-exposed businesses) shrunk by 0.8 percent in the December 2015 quarter while the rest of the economy (the non-tradable sector) grew by 0.9 percent over the...

The Green Party today announced a new Safe to School plan, which aims to dramatically increase the number of young people biking and walking to school. The campaign calls for a 30 km/h speed limit outside all urban schools, and an 80 km/h speed limit around rural New Zealand schools, with the limit dropping to 30km/h during school hours. Our plan would see these changes introduced over three years. Local authorities, in conjunction with schools, will also be able to...

The Green Party welcomed today’s cut in the Official Cash Rate (OCR) but restated that the Government’s failure to take the heat out of the Auckland housing market meant risks remained for further house price increases. The Reserve Bank today reduced the OCR by 25 basis points to 2.25 percent. “We welcome the long overdue decision to lower the OCR which will be a relief to indebted dairy farmers and households paying off their mortgages,” Green Party finance spokesperson Julie...

The National Government’s lack of a plan to shift New Zealand to electric vehicles will have contributed to Nissan’s decision to stop selling its Leaf electric car new in New Zealand, the Green Party said. The Nissan Leaf was formerly the most affordable electric car (EV) available new in New Zealand. “There is a huge opportunity for electric vehicles to cut our contribution to climate pollution and our $6 billion annual oil import bill but the National Government is being...

It’s time for Transport Minister Simon Bridges to stop having photos taken of him opening electric charging stations, and deliver actual policy to get more electric vehicles on our roads, the Green Party says. Transport Minister Simon Bridges is opening another electric vehicle charging station at Bayfair Shopping Centre in Tauranga today. “At this rate, there’ll soon be more photos of Simon Bridges opening charging stations than electric vehicles on our roads,” said Green Party Transport spokesperson Julie Anne Genter....

Record, excessive profits in the banking industry and the high level of foreign ownership of the banking sector is causing long-term damage to the economy, the Green Party said today. KPMG's latest Financial Institutions Performance Survey found New Zealand's banks posted record collective profits up 6.9 percent to reach an all-time high of $5.17 billion last year. Interest margins are also at ten-year highs at 2.28 percent. “The fact that over 90 percent of our banking sector is foreign-owned means...

Government financial statements released today are further evidence that National is failing to manage the economy responsibly for long term stability, the Green Party said. The financial statements for six months to 31 December 2015 showed a deficit of $889 million, $92 million higher than forecast. Core Crown debt grew to $66.9 billion, $1.1 billion higher than forecast. “The latest statements show the National Government is struggling to get its books in order in the short term and in the...