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Money-go-round Budget fails to deliver

John Key MP
National Party Leader

17 May 2007

Money-go-round Budget fails to deliver

Taxpayers are worse off after the minority Labour Government’s Budget today failed to deliver tax relief for average Kiwi families facing ever higher mortgage rates and cost of living, says National Party Leader John Key.

“Perhaps the biggest hoax perpetrated in this Budget was on businesses, which on the one hand get tax cuts but on the other are forced to match their employees’ Kiwisaver contributions in a cruel money-go-round.

“This is a minority Budget because the majority of New Zealanders want personal tax cuts. Helen Clark and Michael Cullen have failed the credibility test – yet again – and failed to deliver.

“In fact, Aucklanders gets a tax increase through regional petrol taxes. Adding insult to injury, Labour has also axed the paltry ‘chewing gum’ tax threshold changes due next year.

“Not only that, but workers in Kiwisaver will have to forgo any wage increases for four years while employer compulsory contributions to the scheme progressively rise.


“Labour has failed since 1999 to deliver any return to hard-working Kiwis, nor has it offered any incentives to get ahead under their own steam.

“Instead, Labour has squandered the huge surpluses built up during the golden weather by building up bureaucratic and complex schemes that attach a raft of conditions to every cent given back to Kiwis.

“The inconvenient truth about Labour’s economic management has been laid bare in this Budget.

“Helen Clark said in 1999 that Labour would take New Zealand up the OECD ladder – but we have fallen behind the rest of the developed world.

“We compete with places like Portugal and the Czech Republic - not the US or Australia.

“Labour Budgets like this will do little to address that slow decline.”


ENDS

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