11 March 2005
Media Statement
Act doth protest too much - Cullen

"The record of this government has been to extend rather than narrow the information presented in the Crown Financial Statements," Finance Minister Michael Cullen said.

"We introduced a new measure - the OBERAC - early in our first term to complement the existing indicators; the operating balance, net debt, gross debt, and net worth.

"More recently, we have brought a stronger focus to the cash position in order to more clearly show the connection between the operating balance and total government activity represented through movements in gross debt.

"To try to conjure this into an attempt to obscure fiscal reporting as Act is doing is patently absurd and underlines Act's desperation as it attempts to justify its reckless tax policies," Dr Cullen said.

"Act's proposed massive tax spend up would make yesterday's rates rise look like a drop in the bucket."

ENDS

© Scoop Media