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Prefu presents no problems for Labour

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Labour deputy Leader Michael Cullen is confident Labour can produce stronger economic results than are forecast in today's Pre-Election Economic and Fiscal Update.

"Basically National is relying upon a rising international tide to lift all ships, including National's economic dinghy.

"A much more strategic approach to industry and export development will lead to both better and more sustainable outcomes than are forecast in these numbers.

"We are particularly concerned in that respect by the very high level of current account deficits which continue to be forecast by National even allowing for one-off items such as the frigate.

"However we will be basing our own fiscal planning on the Prefu rather than assuming any improvement in economic performance as a product of our policies.

"Labour will be releasing its full fiscal forecasts after we have fed the new information into our economic and fiscal model. I'm confident however on preliminary analysis that we will be able to forecast operating balances as good those forecast by National," Dr Cullen said.

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