Revised statistics show the economy performed even more poorly in the three years to September 2008 than was initially revealed, Finance Minister Bill English told Parliament today.The unrevised figures, issued late last year, had shown a "mediocre&q
Revised statistics show the economy performed even more poorly in the three years to September 2008 than was initially revealed, Finance Minister Bill English told Parliament today.
The unrevised figures, issued late last year, had shown a "mediocre" 1.5 percent average annual growth during that period -- before the impact of the global financial crisis -- and the revised growth rate was actually less than 1 percent, he said.
"They were the best of times internationally and we should have done much better than sub-1 percent annual growth," Mr English said.
"Yet in Labour's last term, our economy grew by less than half the growth rate of other developed countries and less than one third the rate of Australia."
Mr English described this "a remarkable under-achievement" which he said had hurt working families.
"During Labour's tenure, government spending increased recklessly, interest rates were persistently high, exporters were struggling and the tax system was clearly not working," he said.
