Share of growth for middle NZ plunges to new lows – Labour Party

The share of the economy going to middle New Zealand is set to drop to new lows, with working families missing out on $100 a week by 2020, says Opposition Leader Andrew Little.

“According to Treasury figures middle New Zealand will receive just 36 per cent of the proceeds of growth by 2020, compared to 51 per cent under the last Labour Government. That’s $100 a week that families are worse off.

“Before the Budget, Labour revealed that under John Key, working families are already $50 a week worse off thanks to the decline in their share of growth.

“New statistics this week revealed growing inequality in New Zealand, with the top 10% now owning almost 60% of our national wealth. This will only get worse as middle New Zealand’s share of the economy continues to shrink under National.

“It is clear that National’s economy is not delivering for most New Zealanders, because they are too focused on looking after the few at the top.

“This is not the New Zealand we want. The only way to turn it around is to change the government,” says Andrew Little.