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Further evidence of weakening economic outlook

Amy Adams - Finance

13 February 2018

The Reserve Bank has added to the body of evidence that the New Zealand economy is losing momentum under this Government’s anti-growth policies, National’s Finance spokesperson Amy Adams says.

“The Government is taxing Kiwis more, driving up the cost of living, wasting billions of dollars on failed policies and working groups, and is reducing flexibility in the labour market. It has banned oil and gas exploration and discouraged foreign investors from bringing their capital here.

“That’s a recipe for a slower economy, meaning fewer jobs and fewer opportunities for New Zealanders to get ahead. The Government expects to take $17.7 billion more in tax over the next four years than was forecast under National, which means less money in the pockets of hard-working Kiwis.

“Forecast growth has either stalled or been downgraded in every quarter for the next three years. The central bank’s reality check on growth comes just 24 hours after the Prime Minister gushed that the economy ‘is performing above expectations’.

“Most economists have already reduced their growth forecasts and the Government now looks like an outlier for sticking with its rosy predictions. Wishful thinking can’t hide the fact that New Zealanders will be worse off than they would have been under National.

“Economic growth averaged more than 3.5 per cent in the last three years under National. This Government is mistaken in thinking it can maintain that momentum and lift productivity by taxing more or that a Capital Gains Tax is the answer to a multitude of problems.

“National favours sensible economic policies that encourage growth and investment, keep the cost of living as low as possible and let New Zealanders retain more of what they earn. That’s the best way to ensure more jobs are created and that all our communities can prosper.”


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