Build Back Better: Cost of living rises for poor Households making them poorer

Build Back Better: Cost of living rises for poor Households making them poorer

Help speed up our reporting and keep independent local Journalism going. You might be able to donate to us so we can inform and share the latest stories that matter faster.

Donatearrow

The cost of living for the poorest households is rising according to figures from the Consumer Price Index (CPI) representing additions.

It dramatically affects those who are on lower incomes which means the poor are becoming poorer.

Economist Craig Renney says: “The cost of essential items like food and rent are increasing at a higher rate than luxury items. This directly and unfairly impacts those on lower incomes.”

“We must progress the implementation of Fair Pay Agreements; they are an essential part of making sure that our lowest-paid working people are not left behind.”

The new figures show that if the Government did invest in additional spending to support its goals set, it wouldn't be in a position where families are struggling to live and supply daily essential needs.

Interest rates are at a near-zero. It should be time to put a long-term investment plan in place to fit New Zealand's needs.

“The Prime Minister signalled on election night, New Zealanders would all benefit from investing to ‘building back better’ from COVID-19,” Renney said.

Image: SUPPLIED/Aerial view of Dannemora suburb (Auckland)

If you liked this publication, please consider donating to thisquality. Fund trustworthy news from official government and independent newswires around New Zealand.

Donatearrow

If you liked this publication, please consider donating to thisquality. Fund trustworthy news from official government and independent newswires around New Zealand.

Donatearrow
Subscribe
Notify of
guest
1 Comment
Inline Feedbacks
View all comments
Jon Stevenson

The PM is not prepared to engage the public with honest dialogue. NZ is becoming more polarised economically, Since 1914 New Zealand is among a short list of countries that do not hold gold to back its own currency. But New Zealand does have indirect holdings of other countries’ gold from holding these other countries’ currencies.
Adrian Orr at the Reserve Bank sets the pace.
NZD (ISO 4217)
Reserves NZ$14,899 million
Reserve requirements None
Interest rate target 0.25% (OCR)
Interest on reserves 3%

The job losses from A.I are predicted to be 40% by 2030.
Sources
Jeff Bezos
Reserve Bank NZ
Wikipedia