Labour's Chickens Come Home To Roost

It would interesting to note whether or not Finance Minister Dr Michael Cullen sleeps well at night - and whether it would surprise him to know that business and home owners around the country do not, ACT Leader Rodney Hide said today.

"How could hard-working Kiwi taxpayers sleep soundly when they're being hurt by ever-increasing interest rate hikes that have today seen the Official Cash Rate increase by a quarter of a percent to 8.25 percent?" Mr Hide said.

"Today's announcement is a direct consequence of the Labour-led Government's inability to keep its house in order. Dr Cullen's loose fiscal policy chickens are coming home to roost.

"This situation is made all the more worse by the fact that, rather than using existing Government expenditure, Dr Cullen is planning to use $2 billion of unallocated expenditure to finance Labour's election-year lolly scramble

"By over-taxing hard-working Kiwis by more than $7 billion, this Minister has painted the New Zealand economy into a corner - forcing Reserve Bank Governor Alan Bollard to push interest rates ever higher - and is driving it into recession.

"It is time for Dr Cullen to fulfill his duty to New Zealand taxpayers. He must act now and halt the planned election-year spend-up - then and only then would business and home owners be saved from a painful recession," Mr Hide said.

ENDS

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