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OECD report confirms rampant Labour spending

John Key MP National Party Finance Spokesman

25 May 2005

OECD report confirms rampant Labour spending

"The Finance Minster must feel embarrassed by the way he has tried to manipulate today's OECD report which confirms that Labour spending is out of control," says National Party Finance spokesman John Key.

"Despite Michael Cullen's best attempts to claim otherwise, the report actually confirms that it is Labour's increased spending that is to blame for the threat of rising interest rates and inflation," says Mr Key.

On page 153 the report says that the Reserve Bank's 'task has been complicated by the fiscal stimulus that has come from additional Government spending in 2004 and 2005'.

"Labour has been spending like there's no tomorrow. It then has the cheek to turn around and tell working New Zealanders they are worth no more than 67 cents a week - but they'll have to wait three years to get it.

"Labour has no ability to set sensible spending priorities and they are insulting the intelligence of Kiwis if they believe they can convince us they haven't recklessly wasted a golden opportunity to close the gap with Australia," says Mr Key.

ENDS

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