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.”

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Snowden Documents: Show New Zealand Spies On Its Pacific Friends And Sends Data To US

NZ Herald link: New Zealand's spies are targeting the entire email, phone and social media communications of the country's closest, friendliest and most vulnerable neighbours, according to documents supplied by United States fugitive and whistleblower Edward Snowden. More>>

ALSO:

The Intercept: NZ Spies On Neighbors In Secret 'Five Eyes' Global Surveillance
[The GCSB] has been sweeping up the data from across the Asia-Pacific region, targeting island nations such as Tuvalu, Nauru, Kiribati, Samoa, Vanuatu, the Solomon Islands, Fiji, Tonga and France’s overseas territories New Caledonia and French Polynesia. Each of these small nations and territories maintains friendly relations with New Zealand. More>>

 

PARLIAMENT TODAY:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news