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

Perfectly-Timed Anniversaries:
Suffrage Day Is Last Chance To Enrol

If you’re not enrolled now, you need to hurry or you won’t be able to vote in this Saturday’s general election.

“Election day is almost here, and it’s your last chance to enrol,” says Murray Wicks, National Manager, Enrolment Services. “It’s not too late, but you need to do it right now.”

“The last chance to enrol is Friday 19 September. You can’t enrol on election day.” More>>

 

Parliament Today:

Gordon Campbell: On First Time Voting (Greens)

For the last two days, I’ve turned my column over to a couple of guest columnists who are first time voters… Today’s guest columnist is Ana Avia-O’Connor, who will be casting her first time vote on Saturday for the Greens. More>>

ALSO:

Big March: Call For An End To Domestic Violence

Hundreds of protesters marched down Lambton Quay to Parliament Monday calling for an end to domestic violence. Wearing white facemasks, waving banners and calling for “safety” for the women and children of New Zealand.. More>>

ALSO:

Meddling: Aussie Liberals Embroiled In Key Campaign

John Key needs to explain why Australia’s Liberal Party is interfering in New Zealand domestic politics and is encouraging Kiwi voters across the ditch to vote for National just days out from the election, Labour’s campaign spokesperson Annette King says. More>>

ALSO:

SURVEILLANCE:

Election Ad Soundtrack: Rapper Eminem Sues National Party Over Copyright Breach

US rapper Eminem is suing the New Zealand National Party for alleged copyright infringement over unauthorised use of the rapper’s ‘Lose Yourself’ song in an election campaign advertisement. More>>

ALSO:

Pre-Election Chartering: Four New Partnership Schools To Open

Education Minister Hekia Parata today announced the Government has signed contracts to open four new Partnership Schools in 2015. More>>

ALSO:

Werewolf 50 Out Now - The Election Issue: Loss Leaders

Gordon Campbell: A third term requires a mature decision, with eyes wide open. It calls for a conscious vote of confidence… Without trying hard here are about 19 reasons, in no particular order, for not ticking ‘party vote’ National. More>>

ALSO:

Not-Especially New Plans: All Prisons To Become Working Prisons Under National

All public prisons in New Zealand will become full working prisons by 2017, and ex-prisoners will receive post-release drug addiction treatment if National is returned to government, says Corrections Spokesperson Anne Tolley. More>>

ALSO:

Māngere: "False Claim Of Matai Title" - Labour

National must explain why its candidate for Māngere Misa Fia Turner appears to be using a Matai title she is not entitled to, Labour’s MP for Māngere and Pacific Islands Affairs spokesperson Su’a William Sio says. A Matai title is a legally-recognised ... More>>

ALSO:

CPAG Report: No New Zealand Child Should Grow Up In Poverty

Child Poverty Action Group's flagship policy publication Our Children, Our Choice: Priorities for Policy calls for cross party political agreement to underpin an action plan to eliminate child poverty in New Zealand. More>>

ALSO:

Gordon Campbell:
On National’s Phantom Tax Cut Package

Hmmm. So National’s tax cuts package turns out to be one of those television advertisements that screams a headline promise – perfect skin! a youth tonic that works! – while in very small print there’s an out clause: special conditions may apply. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news