Bribe-O-Meter Update - NZ First spending in excess of $22.5b
Bribe-O-Meter Update
Minor parties added, NZ
First spending in excess of
$22.5b
1 AUGUST
2017
FOR IMMEDIATE RELEASE
All
parties currently in Parliament have now been added to
the Taxpayers’ Union "Bribe-O-Meter" — New
Zealand's most comprehensive policy costing project tracking
the costs of election policies as they are
announced.
To date, NZ First
has the most expensive set of policies, totalling $22.5
billion in new spending over the next three years. This is
equivalent to $13,024 per New Zealand household.
This is
a conservative estimate and likely understates the true cost
of the NZ First manifesto. A significant amount of NZ First
policies are yet to be included because they lack sufficient
detail.
United Future has promised $4.7b in new spending,
or $2,737 per household. This comprises an estimated $2.7
billion to build the Ngauranga Gorge Tunnel and $1.9 billion
to abolish tertiary tuition fees.
ACT is the only party
that will reduce government spending, by eliminating $3.4
billion of corporate welfare and reversing the welfare
increases announced in Budget 2017. ACT will save taxpayers
$5.35b over the next three years – or $3,103 per
household.
The Maori Party are yet to release their
election manifesto so the only policy included to date is
IwiRail, which is estimated to cost $1.55b over the next
parliamentary term.
There have been few changes to
National, Labour and the Green Parties from last
week.
Mac Mckenna, an economist at the Taxpayers’
Union, comments, “NZ First have proposed a set of
policies that are largely ambiguous and lack detail. $22.5
billion is by far the most expensive set of policies of any
party so far. However, even that figure understates the true
cost of the NZ First manifesto because a significant number
of policies lack enough detail to be included.”
Notably
expensive NZ First policies include:
• Write-down of
student debt: $4.6b per annum
• Buy-back of Meridian,
Mighty River Power and Genesis: $4.3b
• Northland rail:
$850m
• Installing 200km of new median barriers: $443m
over three years
• Banning 1080 and undergoing pest
control with solely traps: $386m over three
years
• Reintroducing a non-commercial public service
television channel: $45m over three years
“It is
worrying that New Zealand First shows no inclination of
explaining to voters how they intend to fund their
policies," says Mr Mckenna. "They promise the world without
any indication of how it will be fulfilled.”
“As it
stands, and not accounting for some crossover of policy, a
Labour-Green-NZ First coalition would spend $50 billion
extra over the next parliamentary term. Considering Core
Crown revenue is expected to be $80 billion in 2017, this
figure is material.”
Next week the Taxpayers' Union
expect to have policy costings for the Opportunities
Party available.
Key Findings (as of 1
August):
• National
has promised $1.4 billion in new spending over the next
parliamentary term. This equates to $814 per
household.
• Labour has promised $17.6
billion in new spending over the next parliamentary term.
This equates to $10,223 per household.
• The
Green Party has promised $8.1 billion in
new spending over the next parliamentary term. This equates
to $4,692 per household.
• NZ First
has promised $22.5 billion in new spending over the next
parliamentary term. This equates to $13,024 per
household.
• The Maori Party has
promised $1.6 billion in new spending over the next
parliamentary term. This equates to $899 per household.
Although this only includes one policy (the Maori party
manifesto is expected to be released this week).
• ACT has promised $5.4 billion in
taxpayer savings over the next parliamentary term. This
equates to $3,103 in savings per
household.
• United Future has
promised $4.7 billion in new spending over the next
parliamentary term. This equates to $2,737 per
household.
For a full breakdown of individual policies
refer to http://www.taxpayers.org.nz/bribe_o_meter.
For
each party's main policy announcements (and costs) refer
to:
· Labour Party at: http://www.taxpayers.org.nz/bribe_o_meter_labour
·
Green Party at: http://www.taxpayers.org.nz/bribe_o_meter_green
·
National Party at: http://www.taxpayers.org.nz/bribe_o_meter_national
·
New Zealand First at: http://www.taxpayers.org.nz/bribe_o_meter_nz_first
·
ACT party at: http://www.taxpayers.org.nz/bribe_o_meter_act
·
United Future at: http://www.taxpayers.org.nz/bribe_o_meter_united_future
·
Maori Party at: http://www.taxpayers.org.nz/bribe_o_meter_maori_party
ENDS