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2.5 Percent - As Good As It Gets

ACT Finance Spokesman Rodney Hide said there was no surprise that Reserve Bank Governor Dr Don Brash had moved to lift interest rates.

"The sad thing is that the New Zealand economy can only manage 2.5 percent growth sustainably. That's the capacity of the New Zealand economy to grow at best.

"The Reserve Bank is picking a growth path of 2¾, 2¼ and 2½ over each of the next three years respectively. That is just dawdling along.

"The problem is on the supply side - capital and labour, both skilled and unskilled.

"We need more investment and more people working.

"The key to lifting New Zealand's growth rate is lower taxes, a free labour market, welfare reform, and a bonfire of regulations.

"Unfortunately, Helen Clark's government has taken New Zealand in the completely opposite direction. Hence the poor growth outlook despite Helen Clark's and Michael Cullen's promise of good times to come," Mr Hide said.


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