Update: For those without high or even medium-speed broadband, the Hansard is below:
10. STUART NASH (Labour) to the Minister of Finance: How many more families report their income is “not enough” to meet everyday needs since the Government took office, according to the Household Economic Survey (Income) comparing the 2008 survey to the latest survey?
Hon BILL ENGLISH (Minister of Finance) : First of all, I am advised that comparing this measure across different surveys is not advisable, given that it is a subjective, self-reported measure that is very dependent on day-to-day events. I am also advised by Statistics New Zealand that the 2008 data was later revised, so I can give the member the revised data. In the 2008 household expenditure survey, 18.6 percent of households, or 295,000, reported their income was “not enough” to meet everyday needs. In the latest survey, for 2010, 18.5 percent of households—roughly 295,000—reported that their income was “not enough” to meet everyday needs. So no change.
Stuart Nash: Can he confirm Australian Bureau of Statistics and Statistics New Zealand data that show that the GDP per capita gap between Australia and New Zealand has widened by 2.6 percent since his Government took office?
Hon BILL ENGLISH: I cannot confirm that, but I can confirm the data I think quoted yesterday, which is that since this Government has been in office all of the drop in per capita GDP occurred before the middle of 2009. In fact, per capita GDP started shrinking in 2008, under the previous Government. There was a big drop in 2008-09. Since then it has levelled out, and now it is likely to rise.
Stuart Nash: I would like to table a document that shows—
Mr SPEAKER: Before the member says what it shows, we must know the source of the document.
Stuart Nash: It is a document prepared by the Parliamentary Library, and it shows that the GDP per capita gap has widened by 2.6 percent under this Government.
Mr SPEAKER: Leave is sought to table that document. Is there any objection? There is no objection.
Document, by leave, laid on the Table of the House.
Stuart Nash: Is he aware that the real average wage has fallen by 3.2 percent since his Government came into office, according to the labour cost index?
Hon BILL ENGLISH: Just for the member’s assistance, the labour cost index is actually a measure of wage inflation—that is, how much is paid for the same work. It is not a measure of the wages actually paid. Secondly, in respect of real wages, after-tax real wages have risen. I know that sticks in the member’s craw, but actually, despite a recession, in New Zealand after-tax real wages have gone up.
Stuart Nash: I have something prepared by the Parliamentary—
Mr SPEAKER: I cannot hear the member.
Stuart Nash: —sorry, Mr Speaker—prepared by the Parliamentary Library showing that real wages have actually fallen by 3.2 percent since National came into office.
Mr SPEAKER: Leave is sought to table that document prepared by the Parliamentary Library. There is objection.
Stuart Nash: Can he confirm that according to the household labour force survey, 49,000 more New Zealanders are unemployed since his Government came to power?
Hon BILL ENGLISH: No, I cannot confirm that number, but I can confirm that the Government is working very hard to get on top of the unusual situation where, under his Government, despite there being a long phase of global growth, the number of New Zealanders on benefits rose significantly. We are taking on the challenge of getting those numbers down despite global growth looking a bit moderate.
Stuart Nash: I seek leave to table something from the Parliamentary Library giving Statistics New Zealand figures that show that the number of people unemployed has increased by 49,000 since December 2008.
Mr SPEAKER: Leave is sought to table that document prepared by the Parliamentary Library. Is there any objection? There is no objection.
Document, by leave, laid on the Table of the House.
Very depressing, a totally inept Minister of Finance not willing to take responsibility for his mismanagement of the economy, sinking the country deeper and deeper into the mire. Double Dipper, Double Fail.
After tax real wages risen, although the wrong measure was quoted..
Roughly no change in families self-reporting of cost of living, despite the constant refrain of rising costs of living? Seems like home purchaser power is robust. Might be due to an historically high dollar, low interest rates, and low to moderate inflation.
Minor GDP gap increase while govt here paid for two earthquakes, and notwithstanding Queensland floods Oz mining industries not affected in this time? Be interesting to see where the GDP growth goes here on in.
Unemployment up in a recession? not too much, most of that will be frictional and cyclical, not structural, so those numbers will go down, and pretty minor compared to overseas.
Actually pretty good all around really, great job Mr English
@UpandComer http://www.stuff.co.nz/business/market-data/5708841/New-Zealands-credit-rating-lowered
Stuart Nash has a lot of talent, I’m sure he will be missed come the election. However, stella MPs like Darien Fenton rightfully take priority on the list
Off thread. Clare
Oliver, I’m not so sure of Nash’s talent, and disagree that he will be missed. And after Ms Fenton’s outburst against Sir Peter Leitch, stella(r) is not a word many would use to describe her. If the posted thread “Question 10″ is Labour’s play of the day, its unfortunate, since it appears that he was casually rebutted.
Has anyone asked the Government recently if everyone is still better off since their tax cuts as promised?
How much has the Govt expended directly ont he Christchurch earthquake?
How much money has entered the NZ economy via reinsurance, for earthquake payouts?
Tell you what, irrespective of the content Stuart Nash is a hell of a good speaker.
One to watch.