Finance policies provide bold, integrated solutions

Labour’s Finance manifesto, released today by Phil Goff, brings together Labour’s economic policy solutions into an integrated package that will help Kiwis own their own future, says Labour’s Finance spokesperson David Cunliffe.

“Launched alongside policy on Economic Development and Commerce, Labour’s Finance and economic manifesto tackles the tough problems that are holding our economy back, and proposes bold solutions to take New Zealand forward,” David Cunliffe said.

“Crucial issues were highlighted by the ratings agencies in their recent downgrades of New Zealand:

*  Our persistent savings deficit and high levels of private international debt
*  Our under-diversified export profile
*  The long term fiscal crunch associated with our aging population.” David Cunliffe said: “Labour has met the savings and fiscal challenges head on by:
*  Saving for our future with a compulsory Kiwisaver package that ensures every Kiwi has an extra nest egg, and that Kiwi businesses have access to more capital for local investment;
*  Our fair tax plan, with a capital gains tax that means we can pay off net Crown debt, keep our SOE assets and give every Kiwi a tax cut;
*  Sound fiscal foundations that see us reach operating surplus (excluding gains and losses) by 2014/15 and pay off net Crown debt including NZSF assets by 2021/22, a year ahead of the current government;
*  Secure superannuation policy, including gradually raising the entitlement age to 67, with transitional protections for those who need it, and resuming partial prefunding of NZSF.

“Labour is backing the drive for more high value exports with monetary reform, investment in innovation with R and D tax credits, and the Economic Development package also released today,” David Cunliffe said.

"Labour's commerce policy strengthens markets through effective and efficient regulation where needed to ensure market integrity.

“Investing in smart business growth, improving access to development finance, boosting the contribution of SOEs, and systematically maximising the contribution of sectors and regions through industry targeting and cluster development will all help build a stronger economy.

“In addition to working with business for higher growth, Labour is addressing the need for more and better jobs through our Jobs and Skills package and our Youth Transitions policy.

“Labour has a credible plan to turn this country around, so New Zealanders can own their future. We will be bold to resolve tough problems that the current government has not addressed. We will have the courage to fix what is holding our country back.

“Above all, Labour has a positive vision for a New Zealand that offers everyone a secure home, a decent job, a land to love, and a future to look forward to,” David Cunliffe said.

Authorised by David Cunliffe MP, Parliament Buildings, Wellington www.ownourfuture.co.nz

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