New Zealand First Welcomes Latest IMF Review

New Zealand First Deputy Leader and Associate Spokesperson for Finance Fletcher Tabuteau welcomes the International Monetary Fund’s latest annual review of the New Zealand economy, announced today by Finance Minister Grant Robertson.

“I’m particularly pleased the IMF has made positive mention of research and development tax incentives, the Provincial Growth Fund, a review of the tax system, the Review of the Reserve Bank Act, and placing restrictions on buyers of residential housing, all of which were key policy platforms of New Zealand First leading into the 2017 election and coalition negotiations,” Fletcher Tabuteau said.

“The IMF also acknowledged that raising the minimum wage would help to ease income equality, and went further to say the $5.5 billion Families Package, which took effect from 1 July, will increase potential economic output because of the increased spending it will generate.

“It’s great to see the IMF’s balanced view and endorsement of this coalition Government’s economic plan, despite doomsday opposition comments painting a bleak and distorted picture that business confidence is down.

“New Zealand is in a good space and there are many positive things happening. This aligns with the IMF’s forecasts indicating growth around 3 per cent a year over the next five years on the back of the Government’s policies.
“But as Minister Robertson said today, we must also pay attention to risks such as the potential for tighter global financial conditions and New Zealand households’ high debt levels.

“We therefore will not be complacent. That is why this coalition Government is focused on running surpluses so we can respond to wider economic variables that come our way.

“I’m proud to be part of a progressive coalition Government that works together to create strong economic growth for all New Zealanders to benefit from, like more jobs, supported families, affordable housing, and a reduction in income inequality,” Fletcher Tabuteau said.

ENDS

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