Report shows urgent need to fix wealth inequality

Green Party of Aotearoa New Zealand

A new report out today provides all evidence the Government needs to start addressing runaway inequality and rebalance Aotearoa to work for everyone.

The Global Wealth Report 2022 shows more and more of Aotearoa New Zealand’s wealth is ending up in the bank balances of the few.

“The imbalance between the wealthiest few and the rest of Aotearoa is getting worse – so let’s fix it,” says the Green Party’s finance spokesperson, Julie Anne Genter.

“The wealthiest few have never had it so good. Over the last 12 months, wealth per adult increased by almost one third, on average.

“Meanwhile the vast majority of people – those who rent, live on a low income, or rely on benefits – are forced to live paycheck to paycheck.

“This is a political choice.

“Successive governments have set the rules so we tax work in Aotearoa, but we don’t tax wealth.

“For decades, tax-free capital gains on residential property have made Aotearoa feel wealthier than it actually is – at least for those who own assets.

“But for those living paycheck to paycheck, the reality looks very different.

“Thousands of families are struggling to get by – adding up the weekly shop in their head to make sure they have enough at the checkout; worrying about the monthly bills; and wondering if the landlord is going to jack up rent.

“We need to fix this. We cannot continue to stand by when the few have so much and so many have so little.

“We need to make the wealthiest few and most profitable businesses start paying their fair share of taxes.

“We need to boost incomes so everyone in and out of work has enough to live on and provide for their families.

“And we need to make warm, affordable homes a realistic option again.

“With a strong Green voice in Government and in Parliament we can create an Aotearoa that works for everyone.

“Where the wealthiest few pay their fair share of tax so we can fund strong public services and ensure those with the least have enough to live on,” says Julie Anne Genter.

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