Robbo saves NZ from recession by throwing it all on the Credit Card and opening country to mass immigration

By
Martyn Bradbury
-
16
1103

New Zealand posts second-quarter GDP growth of 0.9 percent, no recession

New Zealand’s economic growth has risen in the second quarter, and revised figures show the country has avoided a technical recession.

GDP expanded 0.9 percent in the April-June quarter, Statistics NZ data showed, outpacing the 0.5 percent growth predicted by most economists. First-quarter growth was also revised up slightly to 0 percent from -0.1 percent.

We avoided recession because the Government pumped an enormous amount of money into the economy rather than the economy actually growing…

Growth in Government spending was also up to 2 percent from flat on the back of Cyclone Gabrielle and other severe weather events earlier this year. 

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Broken down by categories, business services expanded 2.1 percent on a quarterly basis.This was largely due to a rise in computer system design and related services, Stats NZ said.

Growth in public administration, safety and defence also more than doubled to 2.8 percent, driven by public order, safety and regulatory services.

Meanwhile, agriculture, forestry and fishing contracted 2.3 percent on a quarterly basis – on the back of last quarter’s 0.8 percent shrink.

…as Bernard Hickey notes, the immigration leavers Labour pulled hard on to ramp up House Prices and generate the fake growth has worked…

Stats NZ has reported better-than-expected GDP growth in the June quarter, thanks largely to record-high net migration of 96,200 in the last year. The Labour Government pulled the migration lever hard over a year ago to grow nominal GDP and dampen inflation pressures. It worked. House prices are rising.

That migration surge was unleashed by the issuance in record-quick time of over 80,000 temporary work visas under the Accredited Employer Work Visa (AEWV) scheme, which we’ve learned led to hundreds of migrants being fraudulently sold these visas by barely-checked ‘Accredited’ employers.

The Government admitted yesterday it had no idea how many temporary workers were scammed or how much fraud has happened. A ministerial inquiry is ongoing and will be made public in December. There’s an election on October 14.

…the 200 000 media property owners who decide NZ elections have spoken and their interests and the Real Estate Pimps who service them are paramount.

The claims of economic mismanagement National accuse Labour of are fictional because Labour are just as beholden to sucking up to the property speculators as National are!

Despite no technical recession, it is still insanely tough for the vast amount of renters, working classes, students, beneficiaries, pensioners and minimum wagers in New Zealand and they need more help than GST off their bananas!

That said, Labour, Greens and Maori Party on a bad day are still a billion miles more preferable than National and ACT on a good day!

 

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16 COMMENTS

  3. Yes, they’ve cleverly avoided a recession by boosting mass immigration. Meanwhile our per capita GDP has dropped again.

  4. Insane immigration without commensurate housing. The only answer Labour, Act and National have to keep the economy going. Been this way for over two decades.

    The Greens are just as bad, as they wont say boo about high immigration, even though it hurts those lowest on the social economic ladder the most.

    David Seymour talks a big game about increasing productivity, yet his party also wants to fast track immigration. We are not going to get a modernised productive economy if we keep allowing business to relentlessly import low wage, low skilled labour.

    In time these low skilled people we are bringing in by the 100,000’s will become unemployed due to AI and automation and NZ will have an enormous annual social welfare bill. This is such short term thinking from all these parties.

    The future population growth of NZ should be a referendum decision, it is that important and impacts so many peoples lives, but hey what do we get, flag and marijuana referendums.

    • This from PollyT:
      David Seymour talks a big game about increasing productivity, yet his party also wants to fast track immigration. We are not going to get a modernised productive economy if we keep allowing business to relentlessly import low wage, low skilled labour.

      Such blatant, succinct, practical assessment is rarely seen in NZ reporting and discussion. I suggest all with some position of implementation should put it up on top of their bulletin board as an example par excellence. A real piece of resistance.

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