Jacinda & the Elephant
Delivering her pre-Budget speech to a Business New Zealand audience, Labour prime minister Ardern said business confidence was “the elephant in the room”.
Business confidence has apparently been low since the new government took office. A business confidence survey conducted by NZIER found businesses had become pessimistic about economic outlook for the first time in two years after Labour assumed office.
There is no need to worry.
Over the last hundred and two years, Labour has demonstrated a loyalty to capitalism that can’t really be faulted. During the 1951 waterfront workers lockout, possibly the most tense class standoff after the land wars in New Zealand history, Labour delivered for the class they have always answered to. “Labour is neither for nor against the watersiders,” party leader Walter (later Sir Walter) Nash declared.
The pattern of behaviour continued in later years, all down the line.
Following the stock market crash of October, 1987 capitalism was in trouble. State-owned enterprises started shedding thousands of workers. Factories closed – over one hundred and forty in Auckland in less than two years – along with hundreds of shops and offices.
Bankruptcies were up by fifty percent, eighty-six thousand jobs disappeared and unemployment in New Zealand was up to over 180,000 by early 1989.
Photo: Wikipedia (Members of the first Labour Govt 1935)