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PREFU Shows Need For Caution

21 October 1999


Today’s Pre-Election Economic and Fiscal Update shows there is little room for the next Government to go on an expansionary spending spree, says United New Zealand leader, Hon Peter Dunne.

“Although the PREFU paints a generally positive picture of the future, the reality is that the next Government will have very little fiscal room in which to move.”

“More sobering are the growth projections of around 3% per annum.”

“The recent Bright Futures package spoke of targeting growth between 4% and 5% per annum, but today’s report shows we still have some way to go before achieving that objective.”

“The relevant point about that is that just to remain competitive with our major trading partners we need to be attaining around 5% per annum from now.”

“That goal seems as far off as ever,” he says.

Mr Dunne assesses the Government’s economic performance as measured by this report as C plus/B minus.

“While that is hardly spectacular, and needs desperate improvement, the message for the left-wing Parties is even more disconcerting.”

“Their tax and spend approach to economic growth is now more inappropriate than it ever was.”

“Our overall economic position remains fragile, and their approach runs the real risk of stalling what limited gains there at present.”

“Today’s report is therefore a sobering and salutary lesson to all Parties about the performance of New Zealand Inc.,” he says.

New Zealand’s Liberal Party

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New Zealand’s Liberal Party

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