Hon Dr Michael Cullen
Minister of Finance

16 September 2008 Media Statement

Don’t trust gamblers with the money shop

Finance Minister Michael Cullen says the current world financial environment makes it no time to let the gamblers into the money shop.

“The National Party leadership team by its actions and words is proving day after day that they should not be trusted to be anywhere near New Zealand’s economy and finances,” Dr Cullen said.

“Bill English yesterday repeated his mantra that he wasn’t going to be worried by ‘a little red ink’ in the government’s accounts. He said again that it didn’t matter how big cash deficits become in Treasury forecasts and he will plough ahead with across the board tax cuts of $50 a week over and above what Labour has legislated for.

“Budget 2008 forecast cash deficits averaging $3.5 billion a year over the next four years. The Pre Election Fiscal Update will undoubtedly see a significant increase in that forecast.

“Yet Mr English is simply promising to borrow whatever it takes to bribe electors with their, and their children’s, money.

“Meanwhile, John Key’s old friends at Merrill Lynch have shown just how dangerous a short term gambling approach to financial management is.

“This weekend Mr Key was touting his Merrill Lynch credentials as proof he had valuable economic management experience just as his old colleagues in New York and London prepared to pack up their desks.

“This election is all about trust – and this is no time to trust the gamblers to run the economy.”

ENDS

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