Crown accounts exploding – time for tax relief

10 MAY 2017
FOR IMMEDIATE RELEASE

The Financial Statements of the Government for the nine months ended 31 March 2017 showing an OBEGAL surplus of $1.5 billion, compared to the HYEFU forecast surplus of $147 million, demonstrate that the $3 billion tax relief package (talked about by John Key) is affordable and prudent, according to the New Zealand Taxpayers’ Union.

Reacting to Treasury’s release of the statements, Jordan Williams, Executive Director of the Taxpayers’ Union says:

"Yesterday the IMF reminded us that is private household debt, not government debt, which is the real threat to New Zealand’s economy. Today’s numbers show that the Government can easily afford the sorts of tax relief packages that would allow households to pay down debt. It would also compensate for the Government having not adjusted tax thresholds with inflation since 2011.”

Modeling for tax relief packages with fiscal impacts of $3 billion or less are contained in a Taxpayers’ Union report, “5 Options for Tax Relief in 2017”, which available at www.taxpayers.org.nz/5_options.

ENDS

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