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

 


Treasury confirms National bad with money

Treasury confirms National bad with money

National is failing to manage the Government’s accounts prudently, Green Party Co-leader Dr Russel Norman said today.

The Government’s financial statements for the eight months to February 2014 show the operating deficit before gains and losses at $1.4 billion, or $884 million more than expected, due mainly to lower than-forecast core Crown tax revenue. Meanwhile net debt is $435 million higher than forecast at $60.0 billion or 27.1% of GDP.

“National has failed to manage the government’s books in a fiscally prudent manner,” said Dr Norman.

“Treasury confirmed today that the Prime Minister – who just lectured the nation on fiscal prudence – has borrowed $50 billion and never run a budget surplus.

“When National took office, net Government debt stood at $10.3 billion. Today, it hit $60 billion for the first time. This is a record level of government debt since Treasury started accounting for debt this way in 1992.

“Announcing tax cuts for the top ten percent of income earners has been responsible for $5 billion of accumulated debt alone.

“National is not delivering on its promise to run surpluses and reduce debt.”

Dr Norman questioned National’s long term management of the economy.
“National is failing in the short term to be a prudent fiscal manager of the Government’s accounts,” Dr Norman said.

“Taking a longer-term view, National has ignored the big structural problems with our economy – our high levels of private debt, our high current account deficit, and our on-going reliance on one or two industries to earn all our export income.

“National has failed to address rising property and electricity prices – driving interest rates higher. National has failed to put an effective price on carbon ensuring the New Zealand economy transitions towards a clean, low carbon future.

“The truth is that the Nats are just bad with money.”

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

AMA: Scoop's 'Invisible Paywall'

Operation Chrysalis: The Final Countdown - Thanks & There's Still Time To Pledge

Phew! We are now counting down the hours to the end of this crowd-funding campaign at 11pm on Sunday. Thankyou to all those Scoop readers and supporters who have pledged already. You have been awesome. But this is not over yet. More>>

 
 

PARLIAMENT TODAY:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

RMTU: No Public Submissions On International Government Procurement Deal

“The government is preparing to assent to the Government Procurement Agreement, a World Trade Organisation Treaty which opens up New Zealand Government contracts to foreign companies and closes the door on local businesses and their workers. However the Foreign Affairs, Defence and Trade Select Committee is refusing to take public submissions on the decision.” More>>

ALSO:

Gordon Campbell:
On Pacific Spying

So New Zealand spied on its friends and allies in the Pacific – and has not only been passing on the results to the NSA, but has apparently passed on the details of the Pacific’s relations with Taiwan to our other best friends, the Chinese. On the side, the Key government has also been using the security services to gauge the chances of Trade Minister Tim Groser landing the top job at the WTO... More>>

ALSO:

State Housing Transfer: Salvation Army Opts Out

The Salvation Army has decided against negotiating with Government for the transfer of Housing New Zealand stock.
More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news