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Government in denial on the economic slowdown

The Government has its head in the sand on the economy and the effect its policies are having on business confidence, National’s Finance Spokesperson Amy Adams says.

“The Government’s anti-growth policies are starting to do real harm to real New Zealand families. It’s time they acknowledge they are doing harm and listen to the concerns of New Zealand businesses.

“Since the Government has taken office GDP per capita has slowed down considerably, growth forecasts have been downgraded by all the major banks and economic agencies, job growth has fallen by 60 per cent, and in the last three months unemployment increased by 4000 people.

“These figures represent an extremely worrying trend, driven by anti-growth policies such as union-friendly industrial relations reforms, higher taxes, shutting down the oil and gas industry and banning foreign investment.

“And yet the Prime Minister refuses to acknowledge the Government’s role, instead dismissing business confidence as just ‘perception’. It just shows how disconnected this Government is from the realities facing hard-working Kiwis.

“On the back of plummeting business confidence the Treasury has taken the unusual step of talking down GDP growth.

“With real economic indicators now showing the economy is beginning to stall and opportunities for New Zealanders beginning to dry up, the Government needs to accept responsibility for the slowdown and drop its anti-growth policies that are damaging the New Zealand economy.

“When businesses are uncertain and not willing to invest or hire new workers, then GDP growth slows down. And when GDP growth slows down, Kiwis miss out on higher wages and better living standards.”

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