New Zealand’s current account deficit continues at worrying levels and is fuelled by income going to overseas investors, said CTU Economist Bill Rosenberg today.

The CTU has criticised today’s Budget for not doing enough to stimulate the jobs market and invest in skills.

Peter Conway, CTU Secretary, said: “This was always going to be a tough Budget requiring difficult choices. But the Government could have done more in the short run to boost employment and has actually reduced planned funding on industry training.”

The Council of Trade Union wants Thursday’s Budget to focus on the labour market with a major boost to both job creation and skills development.

The CTU says that although unemployment at 5 percent, or 115,000 people, is less than many had forecast at this time, there are some worrying trends in the figures.

Youth unemployment is at 19.6 percent, for those aged 20-24 years it is 12 percent, Maori unemployment is 11.9 percent and Pacific peoples at 13.1 percent.

Figures released today ahead of unemployment statistics on Thursday reflect the loss of jobs in the past year, says the Council of Trade Unions. Hours worked are down by almost 2 percent and there are 17,000 fewer jobs in manufacturing and 9,000 fewer in construction.

The 2009 OECD Economic Survey of New Zealand misses the point in its prescription for the New Zealand economy, said union economist and CTU Secretary Peter Conway today.

The Government’s memorandum of agreement with the Green Party on home insulation and energy efficiency announced today offers the potential to retain and create jobs as well as make families healthier, said CTU Secretary Peter Conway.

April 1st will be a bittersweet day for workers says the CTU.

The CTU welcomed the Government’s announcement today of some of the details of the “9-day fortnight” including that it would fund workers’ pay for the 10th day to the tune of five hours per fortnight at the minimum wage.

The Council of Trade Unions has today released a discussion document for the forthcoming government Jobs Summit (27 February). The document focuses on stimulating the economy, retaining jobs and worker transition, including support for those made redundant.