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.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Closing Schools And Such: Interim Redcliffs Decision Announced

“While the school’s board has argued that circumstances that could give rise to potential disruption are extremely unlikely, advice from technical experts has shown these concerns cannot be ruled out." More>>


Jane Kelsey: High Court Can’t Make Groser Provide TPPA Information Faster

‘This week we went back to court to challenge Trade Minister Groser’s stalling tactics over the release of information on the Trans-Pacific Partnership Agreement negotiations, following a High Court order that he reconsider the Official Information Act request I made last January’, said University of Auckland law professor Jane Kelsey, first applicant in the case. More>>

Werewolf 58: No Climate For Change

The last time the global community tried to take collective action on climate change the world’s leaders finally came to agree that every not-too-onerous effort should be made to hold global warming to 2°C above the pre-industrial average. At Paris, all 150 participant countries nations will have put forward their pledges... On the information available, New Zealand's is the second weakest contribution of any nation in the developed world. More>>


Lambton Quay Shutdown: Object Was Made To Look Like Bomb

Police cordoned off part of Lambton Quay Wednesday afternoon, saying that a suspicious package had been found. Buildings were evacuated and buses were detoured. The army’s explosive ordnance disposal unit was brought to the Quay. More>>


Public Sector Still Shrinking: Record Low Number Of 'Backroom Bureaucrats'

Ongoing restraint in the public sector and a focus on better frontline services has seen a further reduction in the number of core Government employees, State Services Minister Paula Bennett says. More>>


Disobeying The Law: Police Censorship Of Crime Research “An Outrage”

The Green Party is calling on Police Minister Michael Woodhouse to ensure Police scrap controversial contracts that place onerous restrictions on academic researchers’ access to Police data, the Green Party says. More>>


Q+A Transcript: Groser ‘Not Expecting’ Failure At UN Climate Talks

‘I will be very surprised if we don’t get an agreement. I think it’s a completely different situation to Copenhagen for a number of reasons. We’ve got a much more realistic negotiating proposal on the table. Secondly, I think the science has strengthened...’ More>>


Greenpeace Protest:

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news