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Dishonesty Only Thing in Surplus in Forecasts

Dishonesty Only Thing in Surplus in on Again, Off Again Forecasts


The National Government has once again played its regular conjuring trick with the fiscal balance, says New Zealand First.

“Predictably, before the election the government carefully contrived the May Budget forecast surplus of $372 million for the 2014/15 financial year, when in fact there’s been almost a one billion dollar negative turndown,” says New Zealand First Leader Rt Hon Winston Peters.

“This specious accuracy was intended to convey an air of credibility to the Treasury forecasts and the impression that the government’s books were in order.

“Now the back-peddling begins with the major surplus being dishonesty,” says Mr Peters.

“What is shameful is the way Treasury have been sucked into this charade while Bill English has been holding out for years that a surplus is imminent, when all he has ever delivered is deficits.

“What Bill English and Treasury will not do is tell the New Zealand public the complete and unadulterated truth about the state of public finances.

“What attention on the deficit or surplus forecasts does is distract the public from some really scary numbers; like the $150 billion net international liability New Zealand has to the rest of the world or the government’s own debt of around $65 billion, up over six times under National.

“What we have got now is ponzinomics.

“Every man, woman and child in New Zealand is now $14,000 in debt before they even start dealing with what they owe personally. If that is success what does failure look like?

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“It has also come at the expense of our exporters. Farms, houses and businesses are being sold offshore to follow the banks we once owned. National wants the short-term foreign exchange because that creates an illusion of wealth.

“Clinging to a few hundred million notional surplus when government spending is over $70 billion is just political trickery.

“Now we know what some of us have always known, we are still in the red.

“New Zealand First’s position is clear.

“The New Zealand public deserves honesty around the state of New Zealand’s public finances – not more absurd and empty promises from Bill English and the Prime Minister,” says Mr Peters.

ENDS


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