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Budget Gains Mean Nothing Under ETS

Budget Gains Mean Nothing Under ETS
Press Release
John Boscawen MP, ACT New Zealand
Friday, May 21 2010

Any benefits that hard-working New Zealanders could possibly have gained from Budget 2010 will be largely undone by the costs that will be inflicted on the country when the Government’s Emissions Trading Scheme (ETS) is implemented on July 1, ACT Climate Change Spokesman John Boscawen said.

“According to Finance Minister Bill English, most New Zealanders stand to gain 0.5-one percent of extra disposable income under Budget 2010 – what he neglected to mention is that the ETS will devour a large chunk of that supposed extra money,” Mr Boscawen said.

“Treasury has forecasted that, when stage one of the ETS is implemented on July 1, the price of electricity will increase five percent this year and petrol will rise four cents per litre. The Reserve Bank has predicted that the flow-on effect of these increases will push prices up 0.4 percent across the board.

“That means the average New Zealander’s extra 0.5-one percent of extra disposable income drops to 0.1-0.6 percent – and, when stage two of the ETS commences in 2013, the situation will become even bleaker.

“Worse still is the situation facing superannuitants. Budget 2010 provides superannuitants with compensation to ensure that they will be no worse off when GST increases to 15 percent. But they will receive no compensation for the costs imposed on them by the ETS.

“The ETS is a tax on everything and everyone. It will cancel almost all tax gains that New Zealanders would have received from the Budget and will impose a huge cost burden on those who can least afford it. It should be scrapped or, at the very least, be delayed,” Mr Boscawen said.

ENDS

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