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Budget Squanders our Economic Potential.

www.republicans.org.nz

18th May 2007

Budget Squanders our Economic Potential

With interest rates increasing by 25 basis points in late April and a downward trend in consumer confidence, Prime Minister Helen Clark needed to reassure New Zealanders that the economy is in a stable position.

"You can write a budget which backs investment and savings or you can write one which squanders New Zealand's economic potential," said Miss Clark

But with a little bit of creative accounting from Mr Cullen, you can do both says the Republicans economic spokesman Kerry Bevin. If you cut through the hype around Kiwi Saver there really wasn't much to celebrate if we are talking about protecting New Zealand's economic potential, while most kiwis are battling to pay their tax and survive, let alone save for their future.

Our productive sector will face the same economic disadvantages post budget as it did pre budget.

We have low unemployment, fuelled by cheap jobs, and idle youth that finds life not worth working for, no wonder we have a skills shortage, says Mr Bevin.

There is no shortage of money for investment, but if our companies are marking time, managing cash flow, rather than making a profit, then we are not generating wealth, we will be working for overseas interests, noted Mr Bevin, it is going to be another wasted year.

In these inflationary times working families continue to suffer from bracket creep in tax rates. A family's buying power is eroded and replaced by Government handouts, in the absence of inflation adjustments. It also hasn't gone unnoticed, that the promised tax cuts for 2008 have disappeared, obviously to make way for next years buy an election budget.

These are the symptoms of managed failure, by a government, that does not respond to our social and economic realities because it is hell bent on winning a forth term - that's not sustainability said Mr Bevin, its cynical exploitation of kiwis efforts.

ENDS


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