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

 


Labour's bureaucrat binge to impact on interest ra

John Key MP National Party Finance Spokesman

03 May 2005

Labour's bureaucrat binge to impact on interest rates

National Party Finance spokesman John Key says the Reserve Bank Governor is signalling further interest rate rises as Labour attempts to defend its "bureaucrat hiring binge".

"Treasury has been warning Labour for some time that its reckless hiring policies will have an impact on growth, inflation and interest rates. Now the chickens are coming home to roost," says Mr Key.

He is commenting on a speech given by the Reserve Bank Governor Dr Alan Bollard to a Masterton District Council Business Community Breakfast Meeting, where he sent a shot across the Government and the markets' bow that another interest rate hike cannot be ruled out in June.

"New Zealanders will be concerned that low quality spending and a state sector hiring binge is not only putting pressure on interest rates but it is also costing taxpayers a fortune.

"Since Labour took office in 1999 there has been a cumulative increase in all taxes of more than $50 billion.

"The public are rightfully starting to ask what they got for the extra $50 billion.

"The answer is that it has been wasted on huge increases in the cost of the bureaucracy, as well as things like hip-hop tours, twilight golf, bogus polytech courses, and any number of other pet projects pandering to minority interests. "With mortgage rates set to rise, a property market teetering on the brink and an exchange rate that Labour promised to control but can't - it's time to end the waste and return some of the gains from a buoyant economy to workers in the form of tax cuts," says Mr Key.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news