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Cullen Must Seize Initiative

Tuesday 31st Oct 2000 Rodney Hide Media Release -- Economy

ACT Finance spokesman Rodney Hide said today that Finance Minister Michael Cullen must seize the initiative following last week’s Business Forum.

“It’s not enough to talk. Actions speak louder than words.

“Business is looking for leadership from Mr Cullen and gave him a second chance at the Business Forum. He now must perform. The suggestions from the Business Forum need to be published and the Government’s action plan announced.

“The need for leadership is confirmed with the National Bank’s Business Outlook reporting every indicator worse and deteriorating business confidence.

“This Outlook backs up the IMF’s report last week that the Government’s policies have ‘clouded the economic outlook’, that the Government’s revenue forecasts are too rosy and that government policy suffers ‘a lack of clarity in the underlying economic rationale’.

“Tax revenues too are down. The Consolidated Tax Revenue for the Month of September shows that total tax revenue is down $330 million or 12.1 percent for the month on what Treasury forecast at Budget time. Income tax is down 14.6 percent for the month, with Company Tax down a whopping 39.7 percent. GST is down 10.2 percent. “That now is history. The key now is for Mr Cullen to perform.

“New Zealanders are a pragmatic people of good will. It’s time now for Mr Cullen to explain what it plans to do over the next two years and what he plans to do differently to provide the leadership needed to put the New Zealand economy back on track,” concluded Rodney Hide.

END

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

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