Headline: Manufacturing still in the doldrums under National
40,000 well-paid manufacturing jobs have been lost since 2008 and there’s no sign that the current National Government has any clue how to get them back
Manufacturing output is down 6% in the past five years and shows no sign of recovery under National’s neglectful economic policies, Green Party associate finance spokesperson Julie Anne Genter said today.
The Economic Survey of Manufacturing data released today shows that manufacturing output shrank in the June Quarter and is now 6.4% below output in June 2008. The ‘manufacturing excluding meat and dairy’ category, which includes high-tech manufacturing, is down 14.1% over that same period and is still shrinking year on year. These official statistics stand in stark contrast to Economic Development Minister Steven Joyce’s claim that there is no crisis in manufacturing, which is made on the basis of a bank survey.
“It’s time National got its head out of the sand and faced the crisis in manufacturing,” said Ms Genter.
“It’s five years since the global recession but our manufacturing sector is still shrinking and there is no sign of it returning to pre-recession levels.
“40,000 well-paid manufacturing jobs have been lost since 2008 and there’s no sign that the current National Government has any clue how to get them back.
“The crisis in manufacturing is a crisis for the whole economy. As our manufacturing output falls, we export fewer manufactured goods and import more of them, which widens our current account deficit and adds to our crippling international debt.
“We need high-tech, high-skill, high-wage manufacturing to help us shrink our burgeoning international debt. It is central to a smarter, greener, and more prosperous future for New Zealand. Under National, manufacturing is withering.
“Our Manufacturing Inquiry Report lays out a set of practical, proven steps to support manufacturing. Top of the list is policies to lower the exchange rate, having the government buy Kiwi-made whenever possible, and investing in research and development,” said Ms Genter.
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