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


Fiscal Update Shows Winston Effect

ACT Finance spokesman Rodney Hide said today that the Pre-Election Fiscal Update revealed the disastrous effect Winston Peters' spend-up has had on New Zealand.

"The incoming government in 1996 was looking forward to solid growth, falling unemployment and large and sustainable budget surpluses. The rosy forecast was set out in the 1996 Pre-Election Fiscal Update.

"The foolish Coalition spend-up combined with the Asian downturn plunged the economy into recession and cost thousands of New Zealanders their jobs.

"New Zealand has an extra 20,000 unemployed, government is spending an extra $50 a week per household, a $6.4 billion surplus has been entirely evaporated, and New Zealanders have lost out on $3,000 of annual income that should have been theirs. That's what comparing this election's Fiscal Update with that from the last election reveals. Lax fiscal control means taxpayers are having to spend an extra $450 million this year financing government debt.

"This PREFU compared to that of 1996 shows the absolute foolhardiness of Labour and the Alliance's policy of massively higher spending. Winston's spend-up was hard on New Zealanders. Labour and Alliance's even bigger spend-up would be an absolute disaster.

What government needs is a dose of fiscal reality. We need taxpayers keeping more of what they earn and getting real value for money for what government spends.

"ACT is pleased to see that the government has cut back on its "slush fund" for "future initiatives". When ACT first started protesting about government setting aside taxpayers' money for unidentified projects the fund was $800 million cumulative a year. Under pressure from ACT it has been pulled down to $500 million. That's a saving for taxpayers of $1,800 million over three years. That's a good start for once again establishing fiscal discipline," said Rodney Hide.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

There Is A Field: Reimagining Biodiversity In Aotearoa

We are in a moment of existential peril, with interconnected climate and biodiversity crises converging on a global scale to drive most life on Earth to the brink of extinction. However, our current worldview and political paradigm renders us incapable of responding adequately due to its disconnected and divisive default settings.

These massive challenges can, however, be reframed as a once in a lifetime opportunity to fundamentally change how humanity relates to nature and to each other. Read on The Dig>>

The Dig: Scoop’s Engaged Journalism Platform Launches
The Scoop Ecosystem has grown bigger with the launch of The Dig - a new public interest, in-depth, Engaged Journalism platform. More>>


Unscoped Or Missed Damage: Resolution For Canterbury Owners Of On-Sold Homes

People with over-cap on-sold* properties in Canterbury can now apply for a Government payment so they can get on and repair their homes. More>>


Hamilton-Auckland: First Urban Growth Partnership Signed

New Zealand’s first urban growth partnership between the Government, local councils and mana whenua was signed at a meeting of mayors, chairs and ministers in Hampton Downs today. More>>


Vote On Action Next Week: Secondary Principals Walk From Negotiations

“Unfortunately we consider there is no further value in continuing negotiations at this point. The government has not been able to table an offer that will be acceptable to our members.” More>>

Patrol Car Stolen, Glocks Taken: Manhunt In Gore

The driver rammed the patrol car before fleeing on foot with Police chasing, also on foot. The man has then circled back around, stolen the patrol vehicle, which had the keys left in it, and rammed another Police car... Two Police-issued Glock pistols were stolen. More>>


"Shocking And Dangerous": Accused Mosque Shooter's Prison Letter Posted Online

The man accused of the Christchurch mosque attacks has sent seven letters from prison and had two others withheld, Corrections Minister Kelvin Davis says. Corrections has now blocked the accused gunman from sending or receiving mail... More>>


Standing On List Only: Paula Bennett To Run National’s Election Campaign

The National Party is pleased to announce the appointment of Paula Bennett as our Campaign Chair for the 2020 General Election, President Peter Goodfellow says. More>>

Waiver For State Care Inquiry: Historic Abuse Survivors 'Can Speak Freely'

Abuse in state care survivors can take part in the forthcoming Royal Commission proceedings without being bound by any confidentiality obligations to Crown agencies under their historic claim settlements, Minister of State Services Chris Hipkins said. More>>


Trail Trial: Sexual Violence Court Reduces Lead-Up Times And Trauma

An evaluation of New Zealand’s first sexual violence court has confirmed that the approach taken in the judge-led pilot considerably reduces the time that cases take to reach trial. More>>




InfoPages News Channels