Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

What a lot to spend on a boring Budget

Considering the money the Government has spent, this a boring Budget that won't mean anything for most New Zealanders, Opposition Finance spokesperson Bill English said today.

"Dr Cullen has failed to deliver the king hit that New Zealanders needed to restore flagging confidence in the future.

"And he has shown he doesn't understand what drives enterprise and initiative. He doesn't know how to restore confidence, and without that, New Zealanders' jobs, incomes and investments will suffer.

"There's no bridge to business, and that's because Dr Cullen is on another planet.

"Labour promised to close the gaps and build a bridge to business. Instead he has created a Budget that's full of gaps, not bridges.

"The Budget is built on shaky fiscal foundations. Economic growth is peaking now and will fall over the next three years. Private forecasters are starting to revise down their forecasts to 3% or lower compared to Treasury's forecast of 3.5%.

"Low business confidence is starting to feed through to lower growth and that will put pressure on Dr Cullen's surpluses.

"The other pressure on surpluses is political. Dr Cullen today spent $4.2 billion of the $5.9 billion allocated for new spending in the next three years. He has left himself with just $575 million for his election year, a fraction of what he spent today. That's if growth holds up - and it's less than National allocated.

"To rescue the Left's political chances, he will be tempted to spend a lot on in-fill behind his front-loading.

"There's simply not enough here to believe the Budget's fiscal projections. They will not work.

"This is the first Budget since the mid 90s with no tax cuts and no increase in child tax credits. Rising household costs and interest rates, a slowing economy and flat house prices will make difficult politics for Labour, and more pressure to spend their way out of it.

"There is nothing in this Budget to restore confidence in the Government's policy or meet the high expectations Labour has created for social change," Mr English said.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods (is the dollar up or down?) the outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country... More>>

ALSO:

.

 
 

Submissions Summary: The People's Commission On Public Media

This Summary is a preliminary report from the People’s Commission. It brings together views and aspirations of the hundreds of people who made submissions, attended public meetings, filled out the online survey and made speeches to our Panel. More>>

Housing Plans: Protest Over Ihumatao Development

Ihumatao in Mangere, next to the airport in Auckland, holds the archaeological remains of 1000 years of food production; from when Maori first landed in the area, through to early European settler agriculture and right up until today. More>>

ALSO:

Negotiations: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word.. More>>

ALSO:

Contains Highly Colloquial Language: Your F**king Guide To Government Formation

The following message is in no way endorsed by the Electoral Commission. They are f**king done with this election. More>>

NZ Emissions Up 50% 1990-2013: Report Confirms CLimate Change Impacting NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate. More>>

ALSO:

Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: Inland Revenue Steps Back From Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election