The Labour Party strongly believes that the welfare of all New Zealanders should be at the heart of our policies. The rhetoric that Labour is not pro-economy is simply untrue.
We believe that a strong economy is integral to help businesses flourish and enable measures that will result in a better New Zealand for all of us.
A lecture that I attended recently prompted me to read about the advantages that small nations like New Zealand, enjoy.
We tend to be more open to trade, better at working collaboratively across Government departments (although according to the speaker, New Zealand could do better in this area) and we tend to be more nimble when it comes to political decision-making.
All these could enhance economic growth.
However, New Zealand has a lot to learn from the vibrant economies of other small nations or nations of comparable population. Labour recognises this and will focus on upgrading our economy.
High value economy
Labour will build a successful, sustainable economy through a focus on investment, revitalising a culture of innovation and by attracting industry to our regions.
We must grow our economy from one that is driven by land, banking and speculation to one that is innovative and is of high-value.
The right kind of capital investment is an essential component to growing a sustainable economy. Currently, most of our banks are overseas owned, meaning that our savings are going offshore. In addition, a large chunk of investment goes into our housing market where property speculators thrive and housing is no longer affordable.
Boost savings
Labour will focus on growing our local investment pool and increasing savings through KiwiSaver. Money saved through KiwiSaver will benefit us in our old age and boost our capital investment pool.
Labour will ensure that overseas investors bring with them access to cutting-edge technology and new overseas markets rather than merely sending jobs and profits offshore.
Innovative culture
Investment is one key component to building a strong, sustainable economy. Being innovative so that we are able to compete globally is another.
We are a nation famous for our ‘number eight wire’ mentality. We have always been resourceful and innovative as a nation but somewhere along the way that seems to have stalled.
Labour will reinvigorate innovation by renewing Government investment in Research and Development (R&D) and promoting academic-industrial partnerships.
We also believe that we need to value and replicate local success stories such as Icebreaker and Orion Health that have developed innovative products that are in high demand internationally. Labour will also enhance innovation in our ICT industry; an industry that will be key to ensuring that we grow a high-tech economy.
Regional development
That our provincial regions are suffering is hardly breaking news. They have been experiencing a steady decline over the past few years and the current government’s recent decision to reinstate funding to regional roading appears to be just an election year U-turn.
Labour has a comprehensive plan to stimulate job creation in the regions and recognises that promoting economic development in the regions is crucial to growing a sustainable national economy. There are significant opportunities in the regions to build regional infrastructure, invest in R&D in specific industries such as forestry, fishery and wine research and to ensure that we export value-added products rather than just raw materials.
Better New Zealand
A strong economy must result in more jobs, better wages and benefits for all New Zealanders. However, I am not convinced that this is currently the case. Last year, almost half of our population did not get a pay rise.
At the same time, house prices are soaring, power prices are exorbitant, our education system that used to be internationally lauded is failing our children and the statistics for violent crime is not coming down.
We need economic growth that improves our lives and that of our children.
We need economic growth that serves the people.
A smart government can grow a strong economy that translates into real benefits for all.
Priyanca Radhakrishnan is Labour Party’s List Candidate in the general election scheduled to be held on September 20, 2014. Email: priyanca02@gmail.com
