web analytics

Failure to deliver

Written By: - Date published: 7:11 am, May 23rd, 2012 - 15 comments
Categories: budget2012, Economy - Tags:

National has undershot every one of its growth promises. I bet that doesn’t stop them promising big tomorrow.

($33,918m was the quarterly GDP in Q3 2008, immediately before National came to power)

Apparently, it’s going to be more ‘jam tomorrow’ with strong growth promised for 2013/14.

I’m picking that there’s been a sea change; people are sick of this con. If Key and English once again promise jam after three years of delivering crumbs, it will just undermine their already damaged economic credibility.

[Just a note, Audrey Young suggests David Parker was wrong when he said average annual growth under National has been 0.6% because two economists said growth since National came to power has been 1.5%. They’re both right because they’re measuring differently. Year/year growth has averaged 0.6% between 2008 and 2011, and Q4 2011 was 1.5% larger than Q3 2008. It’s important when fact-checking to make sure you’re checking the same fact.

For comparison, population growth has averaged 1% a year, totaling 3% under National.]

15 comments on “Failure to deliver ”

  1. Carol 1

    I’m picking that there’s been a sea change; people are sick of this con.

    It seems so, if this (admittedly limited) survey is anything to go by:

    http://www.stuff.co.nz/business/budget-2012/6968174/Support-for-economic-direction-wavering

    A survey of more than 2000 Fairfax readers shows while 37 per cent of readers think the Government’s past three Budgets were on the right track, almost a third disagree – they think the economy’s on the wrong track, while about a third more are unsure.

    If anything, going on past experience, I would expect the results of a Fairfax readership poll to be slanted to the right.

    • marsman 1.1

      Today’s Stuff Poll ‘Is the Govt managing the economy well?’ 53% say NO.

  2. ghostwhowalksnz 2

    I dont believe Audrey Young has researched the numbers and compiled the details from her own work

    What she has done is reprinted something passed to her from Bill English- its his style to be a one armed paperhanger with numbers, mixing and matching different series, including this or that as it suits.

    Of course she must be stung after being conned by English- Yeah right

  3. Kevin Welsh 3

    It would be interesting to look at the annual growth under all of English’s budgets, including the 1990’s, I doubt it would be pretty reading.

    • Georgecom 3.1

      With the full resources of the state at his disposal, why is English getting every budget forecast wrong?

      Lack of competence?
      Talking big?

      • Colonial Viper 3.1.1

        They’re using neoliberal economic assumptions, not taking into account energy and resource depletion, ignoring the role in the economy (seriously), and topping it all off with a good dose of optimistic political spin.

        Yes strong growth is still right around the corner. Just like the Christchurch rebuild, 15 months on and going nowhere.

        • Draco T Bastard 3.1.1.1

          ignoring the role in the economy (seriously),

          Um, the governments role in the economy I assume?

          They’re using neoliberal economic assumptions

          Yep and, despite real scientific theories being proven by their ability to predict, neo-liberal economic theory holds that being able to predict means nothing. So Treasury and NACT have a theory that can’t predict anything in the next five minutes and they’re treating it as gospel.

          • Colonial Viper 3.1.1.1.1

            Sorta miswrote that…I meant, ignoring the role that money (and debt) plays in the economy. But your guess of Government also fits.

            Mind you, the Tories don’t really ignore the role of Government, they use it to privilege and enrich themselves, after all.

  4. Bored 4

    Very soon both Left and Right are going to have to get over this fetish called “growth” and live within the bounds of a real world that is a closed system with physical constraints. The failure from both sides is one of envisaging that we have an opportunity to transition in a sustainable way as opposed to blindly crashing and burning.

    • tc 4.1

      +1, or a reasonable rate of return remember that ? When all things considered you accepted the ROI as reasonable until along came the leveraged buyout, cheap finance and other factors that worked on greed.

      Greed and consolidation of wealth & power have made this a very tough one Bored.

      Did anyone notice the balanced scorecard got quietly put down over the last few years and isn’t discussed anymore as money wasn’t the only measure.

  5. Sam Hall 5

    Bill in the House yesterday; “thats a positive reason for our international debt position to deteriorate..”
    Hmmm

  6. aerobubble 6

    Just bend over a bit more to get more investment, take on more debt, lower building standards and so push up the risk premium forcing you to pay back more to grow NZ. That’s freak thinking

    English avoided the questioning from Norman, who pretty much expanded the idea. That English is wrong to infer that selling assets would pull in more funds from overseas for NZ investment.

    Surely those who buy NZ asset shares will do so by borrowing, and Banks need more collateral to deleverage their books. So Key is obviously misleading if he thinks this will help the economy.

    More debt, more foreign obligations and foreign owned banks in better shape!!! So its all about who Key was delivering too, and its not NZ that’s for sure.

    Its his banker mates.

    • Draco T Bastard 6.1

      +1

      National has always been about enriching the already rich and that can only happen by impoverishing everybody else. Recently, it seems to be more about enriching foreign rich and NZs expense.

      • Draco T Bastard 6.1.1

        …enriching foreign rich at NZs expense.
        Minor correction

        I/S has covered the shift of wealth from the poor to the rich here.

  7. Poission 7

    In real terms GDP as expressed in stationary figures (95/96 is negative),this is seen in the SNZ gdp update 2008-2011 the value is -2.4% eg table 20

    http://www.stats.govt.nz/browse_for_stats/economic_indicators/GDP/GrossDomesticProduct_HOTPDec11qtrNIC.aspx

Recent Comments

Recent Posts

  • Temporary Accommodation Service activated to help flood affected Aucklanders
    The Government’s Temporary Accommodation Service (TAS) has been activated to support people displaced by the severe flooding and landslips in the Auckland region, Housing Minister Megan Woods says.  “TAS is now accepting registrations for people who cannot return to their homes and need assistance finding temporary accommodation.  The team will work ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Prime Ministers’ meeting reaffirms close trans-Tasman relationship
    Prime Minister Chris Hipkins and Australian Prime Minister Anthony Albanese today held their first bilateral meeting in Canberra. It was Chris Hipkins’ first overseas visit since he took office, reflecting the close relationship between New Zealand and Australia. “New Zealand has no closer partner than Australia. I was pleased to ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Immediate humanitarian support to Türkiye and Syria following earthquakes
    New Zealand will immediately provide humanitarian support to those affected by the earthquakes in Türkiye and Syria, Foreign Minister Nanaia Mahuta announced today. “Aotearoa New Zealand is deeply saddened by the loss of life and devastation caused by these earthquakes. Our thoughts are with the families and loved ones affected,” ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Pākinga Pā site to be gifted back to local hapū
    An historic Northland pā site with links to Ngāpuhi chief Hongi Hika is to be handed back to iwi, after collaboration by government, private landowners and local hapū. “It is fitting that the ceremony for the return of the Pākinga Pā site is during Waitangi weekend,” said Regional Development Minister ...
    BeehiveBy beehive.govt.nz
    24 hours ago
  • New initiatives to unlock Māori science and research resources
    The Government is investing in a suite of initiatives to unlock Māori and Pacific resources, talent and knowledge across the science and research sector, Research, Science and Innovation Minister Dr Ayesha Verrall announced today. Two new funds – He tipu ka hua and He aka ka toro – set to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Advancing our relationship in India
    Foreign Minister Nanaia Mahuta departs for India tomorrow as she continues to reconnect Aotearoa New Zealand to the world.  The visit will begin in New Delhi where the Foreign Minister will meet with the Vice President Hon Jagdeep Dhankar and her Indian Government counterparts, External Affairs Minister S. Jaishankar and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government Northland housing investment to spark transformational change
    Over $10 million infrastructure funding to unlock housing in Whangārei The purchase of a 3.279 hectare site in Kerikeri to enable 56 new homes Northland becomes eligible for $100 million scheme for affordable rentals Multiple Northland communities will benefit from multiple Government housing investments, delivering thousands of new homes for ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government investment safeguards Waitangi Treaty Grounds
    The Government is supporting one of Aotearoa New Zealand’s most significant historic sites, the Waitangi Treaty Grounds, as it continues to recover from the impacts of COVID-19. “The Waitangi Treaty Grounds are a taonga that we should protect and look after. This additional support will mean people can continue to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Battle of Ohaeawai remembered
    A memorial event at a key battle site in the New Zealand land wars is an important event to mark the progress in relations between Māori and the Crown as we head towards Waitangi Day, Minister for Te Arawhiti Kelvin Davis said. The Battle of Ohaeawai in June 1845 saw ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • More Police deployed to the frontline
    More Police officers are being deployed to the frontline with the graduation of 54 new constables from the Royal New Zealand Police College today. The graduation ceremony for Recruit Wing 362 at Te Rauparaha Arena in Porirua was the first official event for Stuart Nash since his reappointment as Police ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Further support for upper North Island regions hit by significant weather
    The Government is unlocking an additional $700,000 in support for regions that have been badly hit by the recent flooding and storm damage in the upper North Island. “We’re supporting the response and recovery of Auckland, Waikato, Coromandel, Northland, and Bay of Plenty regions, through activating Enhanced Taskforce Green to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • The Princess Royal to visit New Zealand
    Prime Minister Chris Hipkins has welcomed the announcement that Her Royal Highness The Princess Royal, Princess Anne, will visit New Zealand this month. “Princess Anne is travelling to Aotearoa at the request of the NZ Army’s Royal New Zealand Corps of Signals, of which she is Colonel in Chief, to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government and horticulture sector target $12b in exports by 2035
    A new Government and industry strategy launched today has its sights on growing the value of New Zealand’s horticultural production to $12 billion by 2035, Agriculture Minister Damien O’Connor said. “Our food and fibre exports are vital to New Zealand’s economic security. We’re focussed on long-term strategies that build on ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Cost of living support extended for families and businesses
    25 cents per litre petrol excise duty cut extended to 30 June 2023 – reducing an average 60 litre tank of petrol by $17.25 Road User Charge discount will be re-introduced and continue through until 30 June Half price public transport fares extended to the end of June 2023 saving ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • More Kiwis in work as rising wages match inflation
    The strong economy has attracted more people into the workforce, with a record number of New Zealanders in paid work and wages rising to help with cost of living pressures. “The Government’s economic plan is delivering on more better-paid jobs, growing wages and creating more opportunities for more New Zealanders,” ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government boosts fund for Auckland flooding
    The Government is providing a further $1 million to the Mayoral Relief Fund to help communities in Auckland following flooding, Minister for Emergency Management Kieran McAnulty announced today. “Cabinet today agreed that, given the severity of the event, a further $1 million contribution be made. Cabinet wishes to be proactive ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Cabinet focused on bread and butter issues
    The new Cabinet will be focused on core bread and butter issues like the cost of living, education, health, housing and keeping communities and businesses safe, Prime Minister Chris Hipkins has announced. “We need a greater focus on what’s in front of New Zealanders right now. The new Cabinet line ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister to meet with PM Albanese
    Prime Minister Chris Hipkins will travel to Canberra next week for an in person meeting with Australian Prime Minister, Anthony Albanese. “The trans-Tasman relationship is New Zealand’s closest and most important, and it was crucial to me that my first overseas trip as Prime Minister was to Australia,” Chris Hipkins ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government makes first payment to Auckland Flooding fund
    The Government is providing establishment funding of $100,000 to the Mayoral Relief Fund to help communities in Auckland following flooding, Minister for Emergency Management Kieran McAnulty announced. “We moved quickly to make available this funding to support Aucklanders while the full extent of the damage is being assessed,” Kieran McAnulty ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government steps up to assist Auckland during flooding
    As the Mayor of Auckland has announced a state of emergency, the Government, through NEMA, is able to step up support for those affected by flooding in Auckland. “I’d urge people to follow the advice of authorities and check Auckland Emergency Management for the latest information. As always, the Government ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Poroporoaki: Titewhai Te Huia Hinewhare Harawira
    Ka papā te whatitiri, Hikohiko ana te uira, wāhi rua mai ana rā runga mai o Huruiki maunga Kua hinga te māreikura o te Nota, a Titewhai Harawira Nā reira, e te kahurangi, takoto, e moe Ka mōwai koa a Whakapara, kua uhia te Tai Tokerau e te kapua pōuri ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Enhanced Task Force Green Approved following Cyclone Hale
    Carmel Sepuloni, Minister for Social Development and Employment, has activated Enhanced Taskforce Green (ETFG) in response to flooding and damaged caused by Cyclone Hale in the Tairāwhiti region. Up to $500,000 will be made available to employ job seekers to support the clean-up. We are still investigating whether other parts ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • General Election to be held on 14 October 2023
    The 2023 General Election will be held on Saturday 14 October 2023, Prime Minister Jacinda Ardern announced today. “Announcing the election date early in the year provides New Zealanders with certainty and has become the practice of this Government and the previous one, and I believe is best practice,” Jacinda ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Prime Minister Jacinda Ardern announces resignation
    Jacinda Ardern has announced she will step down as Prime Minister and Leader of the Labour Party. Her resignation will take effect on the appointment of a new Prime Minister. A caucus vote to elect a new Party Leader will occur in 3 days’ time on Sunday the 22nd of ...
    BeehiveBy beehive.govt.nz
    3 weeks ago