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Deterioration in Govt accounts to be expected

Bill English MP
National Party Finance Spokesman
4 November 2008

Deterioration in Govt accounts to be expected

“The latest set of crown accounts demonstrate how important it is for New Zealand to have a Government that is focused on growing the New Zealand economy,” says National Party Finance spokesman Bill English.

“The losses on investment are a little bit higher than expected, but overall the deterioration in the state of the accounts is in line with our expectations of what Michael Cullen would produce.”

The government's financial statements show the crown operating balance was $800m in deficit at September 30, against a forecast surplus of $900 million.

“The bigger worry is the projected increase in unemployment, which makes National’s plan for future growth all the more critical for Kiwi families.”

Mr English says National has released a fully costed and funded economic plan centred around providing security for families and growth in the economy.

“National's tax cuts scheduled for 1 April 2009 will put cash in people's pockets and provide significant stimulus when the economy needs it.

“We have also budgeted for growth-enhancing infrastructure investment to be brought forward, a transitional relief package for those most in need who might lose their jobs, and increases in funding for front-line services in critical areas like education, health, and law & order.

“We will bring more discipline to government spending. Our plans are transparent, practical, and will get this country moving.

“National has released a fully costed set of policies which promote economic growth and start the job of lifting New Zealand out of deficits earlier.

“Labour has delivered a decade of deficits that the next generation of Kiwi voters will still be paying for.

“They haven’t told New Zealanders before the election how they plan to pay for the 30 or so uncosted promises Helen Clark has made since the pre-election opening of the books.

“They have been fair-weather economic managers, and they have no new ideas on how to get the country moving forward. It is time for a fresh approach.”

ENDS

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