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No votes for Labour in tomorrow’s tax cuts
Media release
Newmarket Business Association
Tuesday, 30 September 2008
No votes for Labour in tomorrow’s tax cuts
Any benefit from the first round of Finance Minister Michael Cullen's personal tax cuts, which take effect tomorrow, will be cancelled out by soaring household costs and falling confidence. Subsequently the tax cuts won't be a vote winner for Labour, claims Auckland's leading retail precinct, Newmarket.
"I don't think shopkeepers across the country will be bracing themselves with anticipation. While the tax cuts are a help to households, I don't think we'll see any demonstrable spending changes. Any wage and salary gains will be quickly absorbed when you consider recent inflation on the likes of food,” says Cameron Brewer, head of the Newmarket Business Association.
From tomorrow workers will get between $12 and $28 more a week in their pay packets.
"The cash registers will hardly be ringing long and loud given the tax cuts are worth between $1.71 and $4 per day for each New Zealand employee. If Labour thinks this will translate into votes, they are seriously mistaken," says Cameron Brewer.
ENDS
www.newmarket.net.nz
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