The NZ Council of Trade Unions says the root cause of our inflation and cost of living challenge is the lack of a long-term economic plan. The issues New Zealand is facing could be addressed with an Inflation and Incomes Act. Inflation is viewed as a short-term crisis, when in reality, it's a long-term problem associated with New Zealand's present economic model. Economist Craig Renney (in person for this return visit) and policy analyst Diana Russell speak to their proposal on Tuesday 7 March – at 5.30pm at 2/57 Willis Street. Right now the main tool for controlling inflation is increasing the interest rate - that takes money out of working people's pockets disproportionately and increases unemployment - mostly for low income Kiwis. That makes New Zealand's already dire wealth gap worse, and hobbles our long-term economic growth. Every New Zealander is grappling with inflation and the cost of living. We need to be having a new conversation about how we address these issues not just now, but in the long run. We need a new approach that builds greater resilience to inflation and develops a more equitable economy in the process. An Inflation and Incomes Act would create a framework for how New Zealand manages its transition to a longer-term low-inflation environment. It would better marshal our economic development, infrastructure, and public service needs so that we can respond to inevitable economic change. The Act would pave the way for the kinds of investments that we need to tackle inflation in the long-run. Investments in home insulation, electrifying the vehicle fleet, and building the homes we need. Making sure that supply-chains are resilient, and that there is genuine competition in markets. And doing so in a way that manages the cost so that it is simply borne equitably by New Zealanders. Inflation is not a new problem for the poorest in New Zealand. It will continue to be an issue for all Kiwis unless we change how we approach it. We need to look towards alternative measures of curbing inflation that doesn't just call for higher unemployment. Craig Renney - NZCTU economist Diana Russell - NZCTU policy analyst
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Privatisation & Plunder
Privatisation & Plunder explores the rise, impact and future of neoliberalism in Aotearoa New Zealand.
Over the past four decades, neoliberal policies — privatisation, deregulation, austerity and market fundamentalism — have radically reshaped the country more thoroughly than in any other OECD nation.
This collection brings together leading scholars, researchers and activists to unpack the social, economic and political costs of the ‘New Zealand Experiment’. All of the chapters are versions of major Fabian sessions.
We chart how neoliberalism hollowed out public institutions, sharpened inequality, and reduced our ability to respond to crises. We reveal how today’s challenges — from the cost of living and housing crises to the rise of precarious work — are rooted in this legacy.
Yet we also offer hope: transformative policy alternatives, ranging from universal basic income to new forms of democratic governance, public ownership and economic justice.
A map of the terrain and a call to collective action.
There will be be book launch events in Wellington, Auckland, Dunedin and Christchurch (details to be confirmed).
You can register here.
