Parliament

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

 

Government needs to put a ceiling on debt

15 November 2017

Government needs to put a ceiling on debt

The new Coalition Government needs to rapidly put a ceiling on the debt levels it’s prepared to tolerate as it opens wide the taxpayers chequebook, National Party Finance Spokesperson Steven Joyce says.

“The admissions in Parliament today from Grant Robertson that he may allow debt to grow by more than $11 billion compared to the figures in the Government’s Pre-Election Fiscal Update will be concerning to all Kiwis,” Mr Joyce says.

“When I invited him to re-commit to his pre-election promise of limiting debt to no more than $67.6 billion, he refused.

“So what is Mr Robertson’s upper limit? Is it $70 billion or $75 billion? The major bank economists certainly believe it will be higher than he thinks.

“Remember net government debt was on track to reduce to $56 billion only two months ago.

“Mr Robertson’s admission follows hard on the heels of three bank reports that say the Government’s spending plans are unrealistic and ‘too tight to be credible’.

“The ANZ even says there will be no way the Government is able to meet its own Budget Responsibility Rule on debt.

“Mr Robertson needs to haul himself into line along with the rest of the Cabinet so that the increased debt predictions of the major trading banks don’t come to pass.

“New Zealanders have all worked hard to get the Government books back into surplus and start reducing the debt built up as a result of the Global Financial Crisis and the Canterbury earthquakes.

“The public will be surprised at how quickly Mr Robertson is backing away from his own numbers when he’s only been in the job three weeks.”


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: on the inquiry into the abuse of children in care

Apparently, PM Jacinda Ardern has chosen to exclude faith-based institutions from the government’s promised inquiry into the abuse of children in state care.

Any role for religious institutions – eg the Catholic Church – would be only to observe and to learn from any revelations that arise from the inquiry’s self-limiting focus on state-run institutions… More

 

Gordon Campbell: On Jim Anderton
For anyone born after 1975, it is hard to grasp just how important a figure Jim Anderton was, for an entire generation.
During the mid to late 1980s, Anderton was the only significant public figure of resistance to the Labour government’s headlong embrace of Thatcherism...More>>

ALSO:


Gong Time: New Year's Honours List

Jacinda Ardern today congratulated the 179 New Zealanders named on the 2018 New Year’s Honours List.

“Although this list was compiled and completed by the last government, it is a pleasure to welcome in the New Year by recognising exceptional New Zealanders,” Jacinda Ardern said.

“As an Aunty, I love reading books to my nieces, so it’s lovely to congratulate Joy Cowley, who is made a member of the Order of New Zealand today....More
Full list


Roads: National launches bid to save highway projects

The National Party has launched a series of petitions aimed at saving regional highway projects at risk because of the Government’s obsession with Auckland trams…More>>

ALSO:


Medical Cannabis: Bill Introduced to “ease suffering”

Health Minister Dr David Clark says making medicinal cannabis more readily available will help relieve the suffering of people who are dying in pain More>>

ALSO:

Campbell: On The Quest For Zero Net Carbon Emissions
Some would querulously ask, zero net carbon emissions by 2050 – while others would say, why not?
More>>

ALSO:

CPAG Report: The Further Fraying Of The Welfare Safety Net

New Zealand’s welfare system has undergone a major transformation during the past three decades. This process has seriously thwarted the original intent of the system, which was to provide a decent standard of living for all New Zealanders in times of need... More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages