It is time Michael Cullen stopped denying that the crisis in economic confidence is serious and admit the dramatic consequences for jobs and growth, said ACT Leader Hon Richard Prebble.

Two surveys released today show continued pessimism in the business sector. An Institute of Economic Research (NZIER) survey of nearly 800 businesses showed the biggest fall in confidence in sixteen years.

A second survey by, Dun and Bradstreet, surveyed businesses in 22 countries. Twenty countries showed an increase in business confidence with only New Zealand and Italy recording falls.

“The Finance Minister has claimed after each poll that he knows better and that confidence will turn around, only to have a subsequent poll paint an even bleaker future.

‘What the international poll shows is that there is a world wide mood of business optimism that the Labour/Alliance coalition has single handedly managed to stamp out in New Zealand.

“The good news is we know how to turn economic confidence around. It would take a simple decision by the Government to scrap its ill-considered, trade union promoting Employment Relations Bill. This simple move would restore economic confidence, investment, growth and New Zealand’s job prospects.

“The bad news is this is an extremely left-wing, ideologically driven Government, that is prepared to drive the economy into the ground to support its mistaken beliefs.

“Michael Cullen should ask himself how long Helen Clark will keep him as Finance Minister given his nil credibility with the business sector. If he is not prepared to change his style for the country’s sake perhaps he will do to save his own job?,” said Hon Richard Prebble.

ENDS

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