What’s up with the Treasury and Reserve Bank presenting clearly trumped up, fake numbers to pretend the economy is doing better than it is? Wheeler was caught out claiming the banks weren’t excessively profitable by international standards – they are. Treasury said private electricity suppliers aren’t more expensive – they are – and claimed we’re not unequal by OECD standards – we are. Now, the Reserve Bank is telling blatant lies about the manufacturing sector.
Here’s the lie:
Reserve Bank research on the sector noted that the steep fall in manufacturing output during the recession was in domestic sales, much of which goes to the construction sector, while exports held their ground.
I’m surprised an experienced business journalist like Brian Fallow published such rubbish given that manufacturers are howling that the dollar is costing exports and jobs.
Here’s the fact-check (two minutes on Stats NZ Infoshare):
| Manufactured exports | Inflation-adjusted | |
| 2008 | 12,582,386,051 | 13830568212 |
| 2009 | 11,225,937,233 | 12083904812 |
| 2010 | 11,633,906,994 | 12241257674 |
| 2011 | 11,991,517,640 | 12128993399 |
| 2012 | 11,366,072,633 | 11375803860 |
| change | -10% | -18% |
Not only have manufactured exports fallen dramatically, they’re still falling.
Why are government agencies telling such transparent lies about the economy?
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