Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Labour plus Greens equals billions more debt

Hon Steven Joyce

National Party
Campaign Chair & Associate Finance Spokesman

22 November 2011 Media Statement

Labour plus Greens equals billions more debt

National Party Associate Finance spokesman and Campaign Chair Steven Joyce says a short analysis of the Greens’ spending promises means that a Labour-Greens Government would drive New Zealand billions of dollars further into debt at the worst possible time.

"The Greens have a huge number of spending policies and none of them are costed. Some are eye-wateringly expensive. We've calculated that just nine of the Greens’ centrepiece policies would add about $25 billion to debt over the next four years, in addition to what Labour is already planning.

"Even if Labour agrees to just 25 per cent of these policies promoted by the Greens as part of a coalition deal, we would be looking at extra debt of more than $6 billion over four years, on top of the $15.6 billion that Labour is already promising to borrow. New Zealand simply can't afford a big-spending Government like that at this time. That would take the total to around $22 billion of extra borrowing.

"Taken together, the Greens and Labour policies would cost tens of thousands of jobs and massively ramp up debt."

Mr Joyce says the pricey Greens proposals include (costs over four years):
• Extending paid parental leave to 13 months = $4 billion
• Extending the 'In-Work' tax credit to beneficiaries = $1.7 billion
• Extending unemployment benefit to all students over summer = $1.6 billion
• Universal Student Allowance at the level of unemployment benefit = $4.2 billion
• Free 'wellness checks and dental check' = $3.6 billion
• Wiping one year's student debt for each year worked in New Zealand = $3 billion
• Green jobs initiatives = $3.2 billion.

And these are just a few of the Greens policies.

There would also be significant new costs for employers such as raising the minimum wage to 66 per cent of the average wage, increasing company tax to 30 per cent as part of the earthquake levy and imposing a 35-hour working week. That would cost thousands more jobs,” says Mr Joyce.

"It is clear that any Labour-Green-based government would quickly revert New Zealand to the high-spending ways of its predecessor, which ramped up government spending by 50 per cent in its last five years in office. That high spending, high debt scenario is the exact opposite of what the vulnerable world economic situation demands of New Zealand.

"Only National can provide a strong stable Government that keeps debt down and delivers on jobs. The alternative is big spending, big borrowing, and huge uncertainty. Any way you look at it - a Labour-led Government would owe our future.”

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Mosque Shooting Response: Ban On Military Style Semi-Automatics And Assault Rifles

Military style semi-automatics and assault rifles will be banned in New Zealand under stronger new gun laws announced today, Prime Minister Jacinda Ardern says... Related parts used to convert these guns into MSSAs are also being banned, along with all high-capacity magazines.

“An amnesty will be put in place for weapons to be handed in, and Cabinet has directed officials to develop a buyback scheme...All semi-automatic weapons used during the terrorist attack on Friday 15 March will be banned." More>>

RNZ Report: No Mention Of Right-Wing Threat In 10 Years Of GCSB/SIS Docs
There is not one specific mention of the threat posed by white supremacists or right-wing nationalism in 10 years of public documents from the Security Intelligence Service or the GCSB. More>>

Two Minute Silence Friday: Auckland Mosques Opening Their Doors To All
Mosques in the four corners of Auckland will open their doors on Friday night for people of all faiths to gather in remembrance of the 50 lives lost in the Christchurch shootings. More>>

For the Latest: Scoop Search - Christchurch

Gordon Campbell: On The School Climate Strike

Locally, the school strike has won a ton of support for bringing climate change to the fore. Yet the strikers don't want mere expressions of support. They want action. More>>


"Grabbed And Struck In The Face": Greens Co-Leader Attacked While Walking To Work

Green Party co-leader James Shaw was the victim of an unprovoked attack when he was walking to work in Wellington. More>>


████████ ████ ███: Latest OIA Statistics Released

The latest statistics cover 110 agencies that collectively completed 18,106 official information requests between July and December 2018, a 16.4% increase on the 15,551 requests for the previous six months. More>>


'Hit And Run' Inquiry: New Legal Action Over Secrecy

The lawyer representing the Afghan villagers in the inquiry into Operation Burnham has launched legal proceedings calling for a judicial review in the investigation. More>>


From Hydro Plan To...: Mokihinui River Land To Join Kahurangi National Park

A total of 64,400 hectares of conservation land in the Mokihinui River catchment on the West Coast north of Westport, including 15 km of riverbed, is being added to Kahurangi National Park. “Adding this area, roughly half the size of Auckland City, to Kahurangi is the largest addition of land to an existing national park in New Zealand’s history,” Eugenie Sage said. More>>





InfoPages News Channels