National releases plan for economic success

National has released its five point plan for the New Zealand economy and our tax system, designed to deliver sustained economic success and help families and businesses get ahead, Finance spokesperson Steven Joyce says.

“Under National New Zealand will have a stronger economy that works with Kiwi businesses and not against them, so we all succeed,” Mr Joyce says. "We’re focused on increasing the rewards from work by reducing taxes so that families keep more of what they earn.

“A stronger economy will allow National to invest in better public services and build more infrastructure while growing family incomes at the same time.”

The five point plan is as follows:

1. Build surpluses and pay down debt - National will reduce net debt to around 20 per cent of GDP in 2020 and to between 10 and 15 per cent of GDP by 2025. Now is not the time to increase debt as other parties are planning, we should be saving for the next rainy day.

2. Raise family incomes - our Family Incomes Package means 1.3 million families are better off by an average of $1350 a year from 1 April 2018. National will introduce a second Family Incomes Package in 2020, subject to economic conditions at the time.

3. Invest in public services and infrastructure - National will commit to the budget allowances laid out in the Pre-election Fiscal Update and invest in new schools and hospitals, cheaper doctor’s visits, and transport and broadband projects throughout New Zealand. Our social investment programme will help vulnerable New Zealanders change their lives.

4. Keep simplifying taxes - we’ll roll out real time provisional and terminal tax for all businesses, and we will overhaul tax settings on multi-national companies to ensure everyone pays their fair share.

5. Support business confidence – we will maintain our broad-based tax system which is fair to all businesses. We will not introduce new taxes as the opposition parties propose nor will we increase uncertainty and slow the economy with long discussions about new capital gains taxes on small businesses or farms.

“This five point plan will provide a strong and growing economy that keeps delivering for New Zealanders," Mr Joyce says. "It will encourage investment, grow jobs, and strengthen the Government accounts so we can invest more in our future.”

Mr Joyce noted there are big differences in the economic policies being offered by Parliament’s main parties in this election.

“Labour and the Greens in particular propose a major change in economic direction,” Mr Joyce says. "It is not just in tax, but also in their plan to increase spending, increase debt, make big changes to industrial relations and trade policies, and their big migration changes.

“The Labour Party leadership have acknowledged the strength of the New Zealand economy. They need to explain why such major changes in policy are needed or justified.

"National’s policies and the hard work of New Zealanders are together delivering one of the best performing economies in the world since the Global Financial Crisis. Our five point plan will keep that going and growing.”

National’s five point plan can be found at

www.national.org.nz/tax_finances.

ENDS

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