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Huge deficit another sign of growing imbalances

John Key - National Party Finance Spokesman

23 March 2005

Huge deficit another sign of growing imbalances under Labour

National's Finance spokesman, John Key, says another “shocking” international balance of payments deficit is a further example of the effects of the unbalanced growth that has occurred under Labour.

He is commenting on official figures released today.

"At 6.4% of GDP, our balance of payments deficit is now worse than that of the United States – and everybody is worried about the United States’ deficit.

"This is just another sign of the growing imbalances in the economy that have occurred under Labour's stewardship.

"Confidence is down, house prices are forecast to fall as excessive public spending drives interest rates higher, the exchange rate is savaging export incomes, inflation is rising, and our net external debt has risen by $14 billion in the past year.

“And all Labour can think of is to continue to spend taxpayers’ money.

“It is no surprise that the Reserve Bank is increasing interest rates in the face of a Government that has lost any fiscal discipline, and which has no ability to set sensible spending priorities by distinguishing between worthwhile and irresponsible public spending,” Mr Key says.


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