BOP deficit shows risks in National’s policies
Wednesday, 21 September 2005, 11:46 am
Press Release: New Zealand Government
Hon Dr Michael Cullen
Minister of Finance
21 September
2005 Media Statement
BOP deficit shows risks in National’s
policies
“The sharp deterioration in the current account
reinforces my warnings about the risks in National’s
election policies,” Finance Minister Michael Cullen said
today.
Dr Cullen was commenting on the balance of payments
figures for the June quarter showing a deficit for the year
of close to $12 billion or around 8 per cent of
GDP.
“These results demonstrate that this is no time to be
stimulating demand in the economy through across the board
tax cuts. Instead the focus must be on assisting exporters
and, in the longer term, on encouraging New Zealanders to
save more through initiatives such as KiwiSaver.
“They
also reinforce the need to maintain a strong fiscal position
to lean against the effects of high, debt-financed
consumption in the household sector,” Dr Cullen said.
ENDS
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