Reserve Bank Report Card Shows Why John Key Resigned

NZ First says a Reserve Bank report has blown apart the sham economic credentials of the National-led Government.

“Under National what are down, exports and productivity, ought to be up but what should be down, namely the dollar, imports and immigration, are all way up,” says New Zealand First Leader and Member of Parliament for Northland, Rt Hon Winston Peters.

“It is common sense that you cannot import your way to economic growth but this government has fallen in love with the high dollar and the illusionary wealth it creates. 

“National is not right when a high dollar just widens the worst current account deficit since 2008 - the difference between what we sell and what we import.  Today, one dollar in every three now hinges on imports and at 34% of the economy this is the highest ever level.

“That high dollar has seen exports crash and they are the goods and services which pay our way in the world.  It is further reflected in the worst levels of business investment under this allegedly National Government, than in any of the past three ‘economic expansions.’

“While immigration growth smashes record after record our per-person productivity growth has fallen in almost direct proportion.  National may think importing checkout operators from the third-world can grow the New Zealand economy but NZ First has always seen the economic naivety of that approach.

“Now we are beginning to learn why Sir John Key pulled the pin on his parliamentary career,” says Mr Peters.