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Brash Hails Landmark ACT Bill

Thursday, 15 September 2011, 10:06 am
Press Release: ACT New Zealand

Brash Hails Landmark ACT Bill

The ACT New Zealand parliamentary team are to be congratulated on a successful first reading of the Spending Cap (People's Veto) Bill in Parliament last evening, says party leader Don Brash.

The Bill would limit the annual increase in core Crown expenses by linking it to the rate of inflation and the rate of population growth.

"This is in line with the recommendations of the 2025 Task Force," notes Dr Brash, who chaired the group, charged with identifying ways of catching up with Australia by 2025.

"A spending cap is an important tool in bringing government expenditure under control, which in turn is pivotal for a lower tax burden and higher economic growth.

"As things stand, there is no legal restraint on the extent to which governments can increase their spending, no institutional impediment to governments behaving irresponsibly. This Bill provides for such a mechanism.

"It's not intended to be a straitjacket," Dr Brash adds. "Spending increases in national emergencies are exempt, and there is provision for raising the cap by referendum. But overall it would impose a clear requirement on governments to do what households have to do: keep their spending within sensible limits.

"It could be called the Stop Governments Running Amok Bill. Historically, if implemented, it would be on a par with the Public Finance Act of 1989 in its contribution to enduring stability. I thank our National colleagues for their support at the first reading.

"I am hopeful that National, as committed on paper to less government as ACT is, will maintain this support through all stages of the Bill," Dr Brash concludes.

ENDS

 
 
 
 
 
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