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Concept
Fourth Labour Government of New Zealand
Summary
The Fourth Labour Government of New Zealand governed New Zealand from 26 July 1984 to 2 November 1990 (the period up to 8 August 1989 is also called the Lange Government). It was the first Labour government to win a second consecutive term since the First Labour Government of 1935 to 1949. The policy agenda of the Fourth Labour Government differed significantly from that of previous Labour governments: it enacted major social reforms (such as legalising homosexual relations) and economic reforms (including corporatisation of state services and reform of the tax system).
The economic reforms became known as "Rogernomics", after Finance Minister Roger Douglas. According to one political scientist:
Between 1984 and 1993, New Zealand underwent radical economic reform, moving from what had probably been the most protected, regulated and state-dominated system of any capitalist democracy to an extreme position at the open, competitive, free-market end of the spectrum.
The Labour government also enacted nuclear-free legislation, which led to the United States suspending its treaty obligations to New Zealand under the ANZUS alliance. David Lange led the government for most of its two three-year terms in office. Lange and Douglas had a falling out that divided the party. The government suffered a defeat at the 1990 general election, but the incoming National government retained most of the reforms.
A range of economic reforms collectively known as Rogernomics. These included:
Floating the New Zealand dollar.
Removing all agricultural subsidies.
Introducing GST (Goods and Services Tax).
New banks were allowed.
Reducing income and company tax.
Removing controls on foreign exchange.
Abolishing or reducing import tariffs.
Corporatising many State owned enterprises such as the Post Office, Telecom and Air New Zealand to be more like private businesses. Some of these were later privatised.
Disestablishing the NZ Forest Service and sold the forests.
Abolishing price controls and interest rate control.
Privatised state assets, such as New Zealand Steel.
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