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Report confirms NZ is a high tax country

John Key MP National Party Finance Spokesman

25 November 2004

Report confirms NZ is a high tax country

"A report that claims Australian tax rates are too high and damaging the economy also suggests New Zealand's rates are far worse," says National Party Finance spokesman John Key.

"National has a commitment to matching the Australian company tax rate, a move which Michael Cullen is steadfastly rejecting, despite the support of National's idea by Jim Anderton," says Mr Key.

The critical report out today, was prepared by the Australian Industry Group using 2002 figures, the latest available.

"Using the same calculations on a weighted basis, it shows New Zealand is in far worse shape than Australia when it comes to tax," says Mr Key.

"According to the statistics, New Zealand has the highest tax to GDP ratio of the seven non-European OECD countries.

"As a percentage of GDP, total tax revenue in Australia is marginally higher than the OECD average of 31.0%, when measured on a weighted average basis, while New Zealand's tax to GDP ratio is higher still at 34 .9% of GDP .

"Michael Cullen wants us to believe New Zealand is a low tax country, but it's clear from these figures that's nothing more than an urban myth," says Mr Key.

Ends

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