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Labour plans to drive NZ deeper into the red

Bill English MP
National Party Finance Spokesman
14 October 2008
Labour plans to drive NZ deeper into the red

National Party Finance spokesman Bill English is challenging Helen Clark to reveal what affect her spending spree is having on the Crown accounts which already show 10 years of deficits ahead of us.

“In the past few days Labour has promised a very conservative $750 million** on top of what was revealed in the pre-election opening of the books last week.

“Given that the accounts were already bathed in a sea of red ink, Helen Clark must say how these initiatives are being funded. She is attempting to spend her way to a fourth term of office but refusing to say now how her promises will be paid for.

“Her promise to clean it all up in a mini Budget after the election is breathtakingly cynical.”

Mr English says yesterday’s student allowance announcement doesn't become a reality until after the 2011 election. Helen Clark says this policy is her ‘dream’ but can't confirm she will be the leader for the next term, let alone the term after that.

“She’s making promises she doesn’t expect to be around to pay for.

“Helen Clark’s currently having a party with taxpayer money, and if she is able to buy her way back into office, all New Zealanders will suffer the hangover come December.”

Mr English says a rough calculation shows Labour has made spending announcements totalling about $750 million over the next four years.

**These include:

1. The ‘pay jolt’ for school support staff, around $8 million a year, $32 million over four years.

2. The purchase of St James station, $40 million.

3. The cost of moving NZ Super to 66% at an estimated $250 million over the next four years (not included in PREFU).

4. The Universal Student Allowance, $420 million.

5. $12.5 million towards the Otago Institute of Design.
“Helen Clark is condemning New Zealanders to higher debt and bigger deficits in the future. We would all end up paying for her desperate recklessness.”

ENDS

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