Monday, October 1, 2012

Joyce is on Planet Key...

Cunliffe says Joyce is on another planet...

Economic Development Minister Steven Joyce has dismissed a pessimistic Treasury report on the economy as "grumpy" but the Labour Party says he is on another planet.
Having assessed economic data released during September, the Treasury has concluded that strong growth since the start of the year is tapering off and the risks to its economic forecasts are all on the downside.
Steven Joyce.
Steven Joyce.

The economy grew by 1% in the three months to the end of March and by 0.6% in the three months to the end of June. The Treasury says it is still set to grow in the last half of the year but not as quickly.
Mr Joyce says the Treasury has previously underestimated growth and he hopes it continues to get the numbers wrong.
But Labour's David Cunliffe says the minister is living on Planet Joyce if he can't recognise the economy is struggling.
Mr Cunliffe says the Government has failed to take the action needed to lift the economy, such as putting skills training in place quickly enough in Canterbury.
MrJoyce told Morning Report that companies are winning big contracts, dairy prices are rising at auction, the Christchurch rebuild is gaining momentum and employer confidence about recruiting is positive.
"Probably the biggest issue remains unemployment, that's higher than what we would like and we do want to see further job growth, but actually if you're going to be anywhere in the world right now you'd be struggling to pick a better developed country that New Zealand."
He says niche manufacturers are also doing well, and there are positive signs for the third quarter of the year.

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