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Who do you think you are kidding, Mr English?

Thursday, 23 February 2012, 3:43 pm
Press Release: New Zealand Labour Party

David Parker
Finance Spokesperson

23 February 2012

Who do you think you are kidding, Mr English?

The Government’s deficit will get worse from selling the SOEs, not better, says Labour’s Finance spokesperson David Parker.

“Treasury made this very clear on page six of the Budget Policy Statement last week,” David Parker said, responding to Finance Minister Bill English’s attack today on opponents of asset sales.

“The operating balance is $36 million worse in 2013, rising to $94 million per year by 2016. That is because, as Treasury makes clear, the interest savings are less than the dividends and value growth that are lost.

“Yet Mr English is trying to pretend this is good news for the government’s books,” David Parker said. “Who does Mr English think he is kidding? New Zealanders aren’t fooled --- that’s why they oppose these asset sales by four to one.

“Even on debt, Bill English misrepresents the position. New Zealand's total debt to the rest of the world will only decrease through asset sales if they are sold overseas. Yet John Key says this won't happen. Unless they are sold to overseas interests, New Zealand's total debt remains unchanged. It’s just a change of who owns what!

“What will really happen is that the small minority of New Zealanders who National rules for will get richer at the cost of the middle classes,” David Parker said. “Even then, New Zealand's net international liabilities continue to grow every year.

“Changing who owns what already exists does virtually nothing to change the output of New Zealand.

“Once again Mr English has ignored the fact that under his Government's settings every year from here on we will get poorer. The current deficit, which will grow to $17billion in the 2016 year alone, grows every year, as does our overseas debt.

“Selling assets will not improve the economy,” David Parker said. “The fact that it is the centrepiece of the Government's agenda shows it has no adequate plan to address the structural imbalances in the economy. Structural problems need structural solutions that National refuses to address.”

ENDS

 
 
 
 
 
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