A Business-Like Scene Set Budget To Curb Debt

28 May 2009
Media Release

A BUSINESS-LIKE SCENE SET BUDGET TO CURB DEBT

Like any business when the market gets tight, we have to tighten our belts.

“We may not like it too much, but that’s the reality”, said Michael Barnett, Auckland Chamber of Commerce CEO.

While this first Budget of the new Government does a good job at addressing debt, it also reassures by ring-fencing expenditure on the fundamentals of health, benefits, education and law and order, he noted.

The Budget still manages to find $7.5B to address critical roadblocks in the platform needed to build productive capacity – roading, broadband, research and development, along with curbing unnecessary regulations such as in the RMA.

The ultimate success of this Budget will be seen by what specific follow up action is taken to re-point the country towards more investment, innovation and improved productivity.

“Having addressed the debt side of the ledger, we need now to urgently turn our attention to incentivising businesses to invest, get into exporting and grow their businesses. That was the missing ingredient today and needs to be the focus of the follow up Budget to this scene-set”, concluded Mr Barnett.

ENDS

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