ACT Finance spokesman, Rodney Hide, said today’s National Bank business confidence survey showed Finance Minister Michael Cullen’s negative impact on the economy was equal to that of the 1987 sharemarket crash.

“There is a crisis of confidence. The last two months have seen the two largest falls in business confidence ever.

“Pessimists accounted for a whopping 64 per cent of replies in the June survey, while optimists made up a paltry 8 per cent.

“General business confidence has slumped deeper than during the 1991 recession and is now at levels not seen since the 1987 sharemarket crash.

“It is well past time that Michael Cullen acknowledged the disastrous impact that he, and his Government’s policies, are having on New Zealand business and jobs. His impact on confidence now equals that of 1987’s world-wide sharemarket crash.

“Michael Cullen should listen to what the public and his advisors are saying, abandon the Employment Relations Bill and reverse his tax hikes, that his own Budget shows are unnecessary for his spending plans,:” said Rodney Hide.

ENDS

© Scoop Media