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


Govt will need smoke and mirrors to achieve Budget surplus

Govt will need smoke and mirrors to achieve Budget surplus

The National Government will need smoke and mirrors to achieve its promised Budget surplus with government accounts today showing a worse than forecast deficit, Green Party Co-leader Russel Norman said today.

The government’s financial statements for the nine months to March 31 show the core operating deficit is $1.7 billion, $199 million worse than forecast with core government revenue $743 million below forecast.

“National has been promising a surplus since it took office over five years ago and will doubtless trumpet such a forecast in next week’s Budget. But their mismanagement of the government accounts over five years as shown by today’s figures, suggests the public should be mistrustful of the promise.

“When National took office, government net debt was just $14.1 billion and today’s figures show that it has blown out to $61.2 billion, over-spending of $219 million every week, a staggering increase in debt that amounts to around an extra $10,000 for every man woman and child in the country.

“Debt is National’s legacy. The 2010 tax cuts to the top 10 percent cost $5 billion, which, given the global financial circumstances, were completely irresponsible.

Net debt now amounts to 27.6 percent of the country’s annual Gross Domestic Product. It was just 7.8 percent when National took office. The cost of servicing government debt has risen by over $1 billion dollars annually since it took office.

“Finance Minister Bill English says National is a prudent manager but its record is the polar opposite. National has used its $4.7 billion asset sales programme to mask their financial mismanagement, but the fact that they will not promote further sales as part of their election platform shows both its unpopularity and its failure,” said Dr Norman.

“Under a Green government, revenue would rise as jobs and high value companies expand as the economy transitions towards green, high technology production.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



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:

Climate Talks, Immigration And Housing: PM's Post Cabinet Press Conference

Prime Minister John Key began by talking about his recent attendance at the APEC and ASEAN summits. He segued neatly from the opportunities available in Vietnam to outlining his upcoming itinerary which includes Malta, Paris and Berlin. More>>


After Urgent Law Change: Beneficiaries Urged To Act Immediately

I am hoping that thousands more people will be enabled to lodge their review... people without internet, who don't even realise that this has been happening. If just a fraction of the people on facebook can help others to put in reviews tomorrow it could improve so many more peoples Christmas. More>>


Auckland: Phil Goff To Run For Mayor In 2016

Phil Goff has today announced his decision to stand as an Independent candidate for Mayor of Auckland next year... As Mayor, Phil Goff will focus on a number of issues that directly impact on the lives of Aucklanders, including tackling traffic congestion and increasing the housing supply. More>>


Foreign Affairs: Mike Moore To Step Down As US Ambassador

Yvonne and I are giving notice to MFAT that we will be leaving the Post just before Christmas on the 16th December... I am now the longest serving continuous Ambassador to the US. I didn’t seek this job but felt I should do it because great issues were at stake. The time was ripe for it. More>>


Fox Glacier: Seven Dead In Helicopter Crash

The operation to recover the victims of Saturday’s helicopter crash at Fox Glacier is a technically challenging task calling for specialist skills in an unforgiving environment, says operation commander Inspector John Canning. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news