Parliament

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

 

Botched budget sees economy continue to weaken

Today’s botched budget reinforces that you can’t trust this Government with the economy, National’s Finance spokeswoman Amy Adams says.

“Today’s budget continues the Government’s song sheet of more taxes, more debt and a slowing economy.

“The so-called Wellbeing Budget has revealed that the core part of the Government’s economic plan is subsidies for KiwiRail and little else. No wonder job growth is going backwards and there are 13,000 more people on a benefit.

“Today’s Budget shows the Government will increase Net Core Crown Debt by another $5 billion by 2023 and the Government has left itself no wriggle room on its fiscal responsibility rules. As the economy continues to slow, the Government is likely to break its self-imposed targets.

“In 2022 there is forecast to be a net debt to GDP of 19.95 per cent, just $180 million within its 20 per cent debt target. If the Treasury’s growth forecasts prove too optimistic - as appears likely - the Government will have no choice but to cut spending, increase taxes or break its promise to New Zealanders.

“A strong economy is the best way to improve the living standards of New Zealanders as it puts more in their back pockets and gives the Government more for core services like Health, Education and Infrastructure.

“Surpluses over the next five years are $9 billion below where they were at HYEFU – just six months ago. That is a clear sign the Government is struggling to manage the books whilst it is overseeing a weakening economy.

“You can’t trust this Government to manage the economy. This botched budget is not transformational. It is spending tomorrow’s money today and will be a disappointment to New Zealanders.”



© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

SCOOP COVERAGE: CHRISTCHURCH MOSQUES TERROR ATTACK


Gordon Campbell: On Our Wild West Banking Culture

David Hisco’s nine year stint as CEO of the ANZ bank (while his expense claim eccentricities went by unbothered by board oversight) has been a weird echo of the nine years of social neglect by the previous National government.

The same Sir John Key who denied there was a housing crisis in New Zealand – and who sold his own beach house to Hisco – seems to have also been living in denial in his role as ANZ’s chairman of the board. More>>

 

"Population Density": Stats NZ, Phone Companies To Track People's Movements

Stats NZ is partnering with cellphone companies to launch a new way of tracking people's movements every hour. More>>

ALSO:

QS University Rankings: NZ Ranks Well "Despite Resourcing Constraints"

New Zealand universities continue to do well in international rankings, with the release of the 2020 QS world rankings showing that all eight universities remain in the world’s top 500. More>>

ALSO:

Mosque Attacks: 21 Month Prison Sentence For Sharing Live Stream Video

A Christchurch man who admitted redistributing the livestream video of the mosque killings has been sentenced to 21 months in prison. More>>

ALSO:

Operation Burnham Inquiry: Afghan Villagers Pull Out

The Afghan villagers involved with the inquiry into Operation Burnham say they have lost faith in the process and will no longer take part. More>>

ALSO:

Child 'Uplifts': Children’s Commissioner To Conduct Review

“At the time of the attempted uplift from Hawke’s Bay Maternity Hospital at the beginning of May, our Office shared our views on the critical importance of the mother-child relationship, and the fact that this relationship is denied to too many Māori children”, says the Children’s Commissioner, Judge Andrew Becroft. More>>

ALSO:

Fluro Logo, Definitely Not Racism, Activist Judges: Act Has Conference

“Finally, New Zealanders will have the right to challenge bad laws in court. If the courts find that a law hasn’t been made in accordance with the basic principles of good lawmaking, it can be declared invalid." More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels