Tuesday 9th Nov 1999
Rodney Hide
Media Release -- Economy

ACT Finance Spokesman Rodney Hide today said that Labour's fiscal projections released today don't add up.

"Labour's promises don't match the extra spending allowed for. All Labour has done is make extravagant spending promises without explaining how they are ever to be paid for.

"The fiscal projections that Labour have produced today show increased spending totalling $2.4 billion over three years. This does not match Labour's promises. Cullen's talk of spending an extra $4.3 billion over three years is wrong. Dr Cullen is counting the $2.7 billion set aside for future initiatives twice.

"The projections do not explain which of Labour's promises are to be delivered on and, more importantly, which aren't.

"Labour haven't even costed their credit card promises. These alone add up to at least $750 million a year. In addition Labour have made promises that add up to another $900 million a year. On top of that Labour have made another 200 odd spending promises that can't be costed.

"Yet Labour's Dr Cullen is budgeting on increasing spending by $915 million in 2002/3. That extra spending is bad news for taxpayers but it's nowhere near enough to match Labour's promises.

"In year three, Labour is promising to fund all promises with just two percent extra spending. It simply does not add up.

"To have any credibility, Dr Michael Cullen must list the promises Labour will deliver on with the cost of each promise specified. Until he does so the numbers he has released today are just playschool projections," said Rodney Hide.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

© Scoop Media

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