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Workers Slip Behind, Govt Reaps Inflation Windfall

Workers Slip Behind, Govt Reaps Inflation Windfall

Wednesday 17th Jan 2001 Rodney Hide Media Release -- Economy

ACT Finance spokesman Rodney Hide said today that four percent inflation for the year ending December was a savage “kick in the guts” for working New Zealanders.

“Under the Labour-Alliance government, working people are worse off at the end of the year than they were at the start. The cost of everything has risen four percent for the year but average hourly earnings for the year ending August rose only 1.7 percent. Workers are clearly worse off under Labour and the Alliance.

“Meanwhile, government has reaped a windfall as inflation has tipped many New Zealanders into higher tax brackets. “Bracket creep” will swell government coffers an extra $130 million as working New Zealanders pay more tax on dollars that are worth less. That $130 million is taken straight out of working people’s pockets.

“High inflation is a double whammy for working people. It’s no wonder that working families are complaining about having to work harder and harder for less and less. That’s been the precise experience of life under this Labour-Alliance government”, said Rodney Hide.

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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