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

Hager Revelations: Inquiry Into NZSIS Release Of Goff Docs

The Inspector-General of Intelligence and Security (IGIS), Cheryl Gwyn, announced today that she would be instituting an inquiry concerning allegations that the New Zealand Security Intelligence Service (NZSIS) might have released official information to Mr Cameron Slater, regarding briefings provided to the then Leader of the Opposition, for political purposes...

“I am satisfied there is a sufficient public interest justifying the commencement of an own-motion inquiry into the substance of the issues raised with my Office,” said Ms Gwyn. More>>

Goff: Director’s Letter Contradicts Key’s Claims

At yesterday’s media standup, when asked on the topic John Key said ‘I wasn’t told’...
“In a letter dated November 2011 former SIS director Warren Tucker states three times that ‘in accordance with the usual practice of keeping the minister informed’ the Prime Minister had been told. More>>


 

Parliament Today:

Electionresults.co.nz: National and NZ First Rise in Roy Morgan Poll

National has bounced back in the latest Roy Morgan Poll but the big winner has been New Zealand First who rise to their highest level of support since September 2013. More>>

ALSO:

Fish Pun Warning: By Hoki! It’s Labour’s Fisheries Policy

A Labour Government will protect the iconic Kiwi tradition of fishing by improving access to the coast, protecting the rights of recreational fishers and reviewing snapper restrictions, Labour’s Fisheries spokesperson Damien O’Connor says. More>>

ALSO:

It's Official: Governor General Gives Direction To Conduct Election

The Governor General has signed the writ directing the Electoral Commission to conduct the General Election on 20 September 2014. This is the formal authority to run the 2014 election, and enables candidate nominations to open tomorrow Thursday 21 August 2014. More>>

Gordon Campbell: No More Mr Nice Guy

When future historians seek to identify the exact moment when the prime ministerial career of John Key hit the downward slope, they may well point to Key’s interview yesterday with Guyon Espiner on RNZ’s Morning Report. More>>

ALSO:

Dirty (Politics) Weekend: Collins’ Admission Reason For Key To Act

"Despite claiming that the evidence about her in Nicky Hager's book was ‘false’ Judith Collins has now been forced to admit that she did send information about a Ministerial Services staff member to Cameron Slater for him to use in a baseless smear campaign. More>>

ALSO:

Potential Disasters: Underground Coal Fire On Denniston Plateau

Forest & Bird says one or more coal fires have broken out beneath the Denniston Plateau, and that the Department of Conservation (DOC) must stop Bathurst Resources’ preparatory mining work going on there until the fire or fires are extinguished. More>>

ALSO:

Bikes: Nats Plan $100 Million For Urban Cycleways

Prime Minister John Key has today announced $100 million in new funding will be made available over the next four years to accelerate cycleways in urban centres. More>>

ALSO:

New Tax Bracket, Child Poverty Fund: Greens Launch Billion Dollar Plan To Reduce Child Poverty

The Green Party has launched a billion dollar package to significantly reduce child poverty in New Zealand. The details of the plan were released at the party’s campaign launch in Auckland. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news