GDP figures show business is hurting

new-zealand-labour-party

Fri Jun 26 2009 12:00:00 GMT+1200 (New Zealand Standard Time)

GDP figures show business is hurting

Friday, 26 June 2009, 3:14 pm
Press Release: New Zealand Labour Party

Hon David Cunliffe
Finance Spokesperson

26 June 2009 Media Statement

The Government must take much more urgent action, following the release of the latest GDP figures, to help businesses struggling with the effects of the current downturn, Labour Finance spokesperson David Cunliffe said today.

“Firms are struggling and that is resulting in hardworking Kiwis losing their jobs,” David Cunliffe said.

“As well as layoffs many companies are being forced to take drastic action such as selling off or mortgaging assets to get through these difficult times.

“Labour repeats its call for the Government to do more to stimulate the economy to give Kiwi firms needing assistance the help they need.”

David Cunliffe says five quarters of negative growth and rising unemployment paint a bleak picture of the economy but John Key and Bill English could and should take more action to tackle these problems.

“The economy has shrunk now for 15 months and as a result thousands of Kiwis are losing their jobs. It’s only human nature that they look for leadership in these times, but this National Government is offering no real solutions,” David Cunliffe said.

“This week, in an attempt to put a positive spin on National’s lack of action, John Key said the advice he was getting suggested the prediction of -1% GDP was pessimistic. The advice the Prime Minister is getting is clearly wrong.

“Over 1000 Kiwis a week are joining the dole queue and this week the NZIER forecast 60,000 Kiwis will lose their jobs in the next year.

“New Zealand needs a real plan to get businesses back and running at full throttle creating jobs and products that will get the economy moving again.

“It’s time National came up with a real plan, not the diet of gimmicks and talk-fests New Zealanders have been fed to date.” David Cunliffe said.

ENDS

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