Parliament

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

 

Gross Debt To Rise To $43 Billion

Cullen's Xmas Present - Gross Debt To Rise To $43 Billion

Dr Cullen has become Dr Debt with the figures released in today's December Economic and Fiscal Update says Nationals Associate Finance Spokesperson David Carter.

"Gross debt is now forecast to rise $6.6 billion over the next five years. That means overall the gross debt goes from $36billion to $43billion.

"What this means is that every New Zealander has an extra debt burden of $1800 and shows clearly that this Government is finding it harder and harder to make the figures add up.

"It is important now that we move beyond a shallow analysis of just the operating balance and focus on the entire balance sheet position. The real fiscal slippage is occurring in the capital side of the account.

"Dr Cullen is wrong to lead people to believe the increase in debt is all about Air New Zealand. It is much more than that.

"National shares the growing anxiety of financial markets about the debt position, and it is easy to see why some feel that the deterioration is leading to an increased risk premium on New Zealand interest rates.

"Prudent fiscal policy is all about making tough choices. Dr Cullen has opted for the easy choice of letting debt rise as a percentage of GDP. That is an option I would not have chosen.

"Another worrying trend from today's announcement is that Government is partially prefunding next years borrowing requirement. They are now prefunding borrowing to prefund super. That's now two prefundings too many.

"This is certainly starting to damage Dr Cullen's credibility and highlights the problem every Labour Government appears to have with managing the economy. They just can never get it right and Dr Debt and his team are no exception," says Mr Carter.

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Tax Working Group’s Road Map

Trying to analyse the interim report on the Tax Working Group (TWG) is like trying to review an entire All Blacks game, but at the half- time mark.

With so much still to be finalised, Sir Michael Cullen and his colleagues are going to need all the All Blacks’ fabled finishing skills to get a coherent, fiscally neutral package together by the February 2019 deadline. More>>

 

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>

ALSO:

Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote… Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.” More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels