Deficit up, National’s credibility down
David
PARKER
Spokesperson for Finance
7 November 2012
MEDIA STATEMENT
Deficit up, National’s
credibility down
National’s economic credibility has again been dented with news that the $2.1 billion Government deficit (obegal) for the latest quarter is $450 million worse – 27% - than expected, says Labour’s Finance spokesperson David Parker.
“National’s economy is stagnating. Yesterday’s news was that full-time employment is down. Manufacturing is struggling. Exports are down. That is why the tax take is down.
“Less tax that is a sure sign that businesses aren’t growing and working Kiwis aren’t earning.
“National’s deficit is $450 million worse than expected - they were off by 27 per cent. Their economic credibility is further damaged.
“This should come as no
surprise given that National’s main economic initiative
for this three years was to sell our state assets, and even
that is off the rails.
“National is seriously
mismanaging the economy. We see the evidence every day.
Businesses are being sold overseas or shut down, jobs are
being outsourced or cut, and a thousand Kiwis are leaving
for Australia every week.
“The only thing that’s growing in this country is the Christchurch rebuild, on the back of tragedy and insurance inflows that even this Government can’t claim credit for.
“John Key promoted himself as the man to run the economy well. The evidence is clear today that his ideas aren’t working.
“Kiwis are realising what a disappointment this Government is.”