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NZ-Jacinda-Ardern-wont-say-if-petrol-excise-tax-cut-will-remain-beyond-August-says-NZ-well-positioned-despite-recession-fears
New Zealand is ready to weather the current economic "storm" despite recession predictions, Prime Minister Jacinda Ardern says.
As central banks around the world hike interest rates and with inflation spiralling out of control, Ardern told AM that Aotearoa remains in a good position.
It comes after Statistics NZ revealed last week the country's Gross Domestic Product (GDP) fell 0.2 percent over the March quarter.
"There doesn't seem to be that acknowledgement that, in the next quarter, we'll see results as we've seen in this quarter," Ardern said of the latest GDP data. "That's for a number of factors; the reopening of the borders, the fact that… in this next quarter, we won't see the same impact of Omicron and those restrictions," she told AM on Monday.
Ardern pointed to the "tough international environment" being behind the current economic situation.
New Zealand is ready to weather the current economic "storm" despite recession predictions, Prime Minister Jacinda Ardern says.
As central banks around the world hike interest rates and with inflation spiralling out of control, Ardern told AM that Aotearoa remains in a good position.
It comes after Statistics NZ revealed last week the country's Gross Domestic Product (GDP) fell 0.2 percent over the March quarter.
"There doesn't seem to be that acknowledgement that, in the next quarter, we'll see results as we've seen in this quarter," Ardern said of the latest GDP data. "That's for a number of factors; the reopening of the borders, the fact that… in this next quarter, we won't see the same impact of Omicron and those restrictions," she told AM on Monday.
Ardern pointed to the "tough international environment" being behind the current economic situation.
"What I'm acknowledging, generally, is that it is a tough international environment right now but the underlying fundamentals for New Zealand are strong," she said. "Our economy has still grown and seen more activity post-COVID than we did pre.
"We know that, actually, there is underlying strength in our economy; we've got low unemployment, we've got low debt - we're well-positioned to navigate what is a very stormy, turbulent time internationally."
Ardern said, "a number of really difficult" economic factors were being created by the Russia-Ukraine war. Those factors were hitting Kiwis in the back pocket, with skyrocketing prices for essentials such as fuel - which has climbed back towards or above $3 per litre across New Zealand.
The average per litre price for 91 octane at New Zealand stations was $2.98 - that's even with the Government's petrol excise tax cut of 25c in March, which was subsequently extended to August.
Despite petrol costs continuing to rise, the Prime Minister would not say if the tax cut would continue beyond August.
"I don't want to give a prescriptive, 'If X happens, if Y happens," she told AM host Ryan Bridge.
"[There's] a lot of volatility, a lot of movement that's why, yes, we've done the 25c [petrol excise tax cut] but we've also done other things."
Source: https://www.newshub.co.nz/home/politics/2022/06/jacinda-ardern-won-t-say-if-petrol-excise-tax-cut-will-remain-beyond-august-says-nz-well-positioned-despite-recession-fears.html
Extra Info: Expert opinion on NZ recession that Jacinda is ignoring. Clearly her intention IS to crash our economy. Perhaps when Luxton gets in at next election it should be challenged that despite her "position" as leader where she is exempt form liability, there should be some accountability and justice for the damage she is causing to the NZ economy on purpose, with clear intent to push the globalist agenda:
https://www.newshub.co.nz/home/money/2022/06/expert-expects-recession-will-hit-new-zealand-towards-end-of-the-year.html
Expert expects recession will hit New Zealand towards end of the year
By RNZ
BNZ head of research Stephen Toplis says New Zealand could see a recession at the end of 2022 or early 2023.
Wall street plunged into a bear market on Monday and today the US Federal reserve hiked interest rates 75 basis points.
It is the biggest rise in a generation and on the back of inflation cracking 8.5 percent - a forty year high.
Meanwhile in New Zealand, the tumultuous markets have seen thousands of dollars shaved off peoples KiwiSaver balances, in some cases literally overnight.
And now the New Zealand economy has shrunk - with GDP dropping 0.2 percent in the March quarter.
BNZ head of research Stephen Toplis told Checkpoint the GDP numbers show how the economy was beaten up by Omicron and the Covid-19 red traffic light settings.
"The June quarter will actually look a lot better, because we moved from red to orange and the economy opened up again. I think the real hurt is actually going to be this time next year," he said.
Toplis said the accumulation of pressures would show later.
"We're just starting to feel the impact of rising interest rates, but those interest rates are going to keep going up. And it's go
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