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Tax and spend Nats push up interest rates

Tax and spend Nats push up interest rates

National has changed its colours and become the real tax and spend party but is trying to hide the truth through suspect accounting, says Labour’s Finance spokesperson David Parker.

“John Key clearly enjoys testing the New Zealand public’s gullibility. Yesterday he claimed that new spending under National has risen by only $250 million each year under his Government.

“How does that explain the extra $3 billion he is spending a year on superannuation compared with five years ago as just one example?

“National is now spending 20 per cent more than the last Labour Government. Yet John Key has the gall to claim that a new Labour Government would lead to rising interest rates. The truth is Labour will run fiscal surpluses that will not put pressure on interest rates.

“Yesterday John Key said: ‘If a political party tells you they are going to spend a lot of money, ask them how much it is going to cost your mortgage’.

“Kiwis should ask John Key that very question. Interest rates are rising already and National can’t hide from that. John Key falsely claimed the credit for low interest rates during a global recession. He now has to take responsibility for rising rates.

“Higher interest rates are going to make it even harder for Kiwis to buy homes and push rents higher than they are. National knows this is an election issue and it is on the wrong side of it. That’s why the spin machine is going into overdrive.

“It’s time to National to be up front with Kiwis on their spending and answer John Key’s question – how much will it cost your mortgage?” says David Parker.


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