Growth under National worst in 50 years

The fact that economic growth under this Government is the worst in five decades is further evidence of National’s failure to deliver on its promise of a brighter future for all Kiwis, says Labour Leader David Shearer.

“Since John Key became Prime Minister, annual average growth has been well under half a per cent. In Australia it has been more than six and a half times higher at 2%.

“National promised to grow the economy. It promised 170,000 more jobs. It promised to close the wage gap with Australia. It promised to stop the exodus across the Tasman. It has failed to deliver on all of those promises.

“Not only has it failed to encourage economic growth, National is now trying to soften New Zealanders up to accept that it will also fail to reach its promised return to surplus by the 2014-15 financial year.

“Bill English has repeatedly said it was ‘important’ to get back into surplus. But now he says that importance shouldn’t be ‘overstated’. No doubt he’ll be working on a good excuse for that failure too.

“This Government’s economic failure is having a real impact on the lives of New Zealanders. Kiwis are working harder than ever but they’re not getting ahead. That’s why so many are heading offshore to find that elusive brighter future once promised by National.”