Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


National to balance the books sooner, repay debt

National to balance the books sooner, repay debt

National is on track to get the Government's books back to surplus by 2014/15 and start repaying debt when most other countries are still running deficits and borrowing more, National Party Leader John Key and Finance Spokesman Bill English said today.

This is in stark contrast to Labour, whose gimmicks and growing list of expensive promises will create a black hole of more than $16 billion in the government's accounts over the next four years alone - costing thousands of jobs and pushing up interest rates for families and businesses.

"National has a straightforward and comprehensive plan to build a more competitive economy," Mr Key said today in launching National's finance policy in Wellington.

"First, we're balancing the books sooner by getting back to surplus in three years.

That's important because it means less debt and lower interest rates for households and businesses.

"The Savings Working Group said getting back to surplus is the most important thing we can do to increase genuine national savings and reduce New Zealand's longstanding reliance on foreign debt.

"Second, we're creating incentives for people to work hard, save and get ahead, through changes to tax and welfare.

"And third, we're building better roads, broadband and other infrastructure so businesses can grow.

"Through these actions, we're creating a more competitive economy and backing Kiwis' ability to get out there and take on the world."

Mr English confirmed National will keep a tight rein on spending over the next three years to achieve budget surplus, as part of its wider programme of responsible and balanced economic management.

"We will need to work hard and remain focused to get back to surplus," Mr English said. "National will stick to its annual operating allowances of no more than $800 million in 2012/13 and 2013/14, and $1.2 billion in 2014/15.

"This new spending will go to health, education and a few carefully-targeted initiatives.

"There will be no new capital allowances until Budget 2017. Instead, the estimated $5-$7 billion proceeds from the mixed ownership model will be invested in National's new Future Investment Fund for priority new assets like modern schools, hospital redevelopments and transport projects.

"We will make these investments without having to borrow from foreign lenders," Mr English said. "That's important when the assets we are managing on behalf of taxpayers are forecast to increase by $22 billion to $267 billion over the next four years.

Mr Key and Mr English said National will continue with its clear plan to build a more competitive economy that sells more to the rest of the world, creates new jobs and provides higher incomes for New Zealanders.

"By contrast, it's the same old Labour wanting to take New Zealand backwards with more borrowing, more spending, more taxes and more costs on businesses," they said.

"These kinds of policies have failed under Labour's watch in the past and they would fail again - at the cost of jobs and living standards for New Zealanders.

"The answer to a debt problem is not to run up more debt," Mr Key and Mr English said.


Authorised by G Hamilton, L2 258 - 262 Thorndon Quay, Wellington

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Judith Collins’ Apparent Inability To Read The Public Mood

The basic skill that a successful politician needs is the ability to “read the room” and gauge the public mood. If National Party leader Judith Collins ever possessed that ability, it seems to have deserted her of late. Surely, very, very few of the public would agree with Collins and her deputy Gerry Brownlee when they claim :
(a)that the threat from Covid-19 means that the election due on September 19 must be postponed until November, or sometime next year
(b) that in the middle of the current outbreak the government is obliged to hand over all the relevant decision- making to the top officials in the public service... More>>


Government: Plan To Tackle Problem Plastics

Following the success of the phase out of single-use plastic shopping bags, the Government now has plans to phase out more single-use and problem plastics to reduce waste and protect the environment announced Associate Minister for the Environment ... More>>


Gordon Campbell: On The New Lockdowns, Leadership And Lebanon

As Melbourne has shown, the webs of urban life overlap so extensively that community transmission can be very hard to trace, let alone control. Each of the family members in the South Auckland family at the centre of the current outbreak will have had ... More>>


National: Emma Mellow As Auckland Central Candidate

Tonight the National Party has selected Emma Mellow to stand in the Auckland Central electorate for the 2020 General Election. Emma Mellow replaces retiring MP Nikki Kaye who first won the seat from Labour in 2008. Emma leads a team of communications ... More>>


Travel: Update On New Zealand And The Cook Islands Bubble

The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Henry Puna have welcomed the completion of phase one in the establishment of a travel bubble between New Zealand and the Cook Island. More>>

Election 2020: Labour Launch

E ngā mana e ngā reo Ngāti whātua ngā mana whenua o Tāmaki Makaurau, e tika te kōrero Ehara taku toa he toa (taki tahi) he toa (taki tini) No rēira tātou e huihui mai nei, ka ‘Hoake tonu tātou’ Thank you for that welcome. And thank ... More>>

Gordon Campbell: On Political Twins, And On Labour Extending Its Wage Subsidy Scheme

A quick quiz for the weekend. Which political party currently represented in Parliament issued a press release yesterday that contained these stirring passages: “[We have] long supported a free trade and free movement area between Canada, Australia, New ... More>>


Democracy 2.0: NextElection Partners With Scoop For Exciting Democracy Tech

Joint Press Release: NextElection,, ScoopCitizen NextElection , a technology platform empowering democracy and Government accountability, and Scoop Independent News have partnered to strengthen citizen participation in the 2020 New Zealand General ... More>>


Covid-19: Poll On Management Approval

New Zealanders’ overall trust in the Ministry of Health and Government to manage the COVID-19 pandemic is at 82%, down from 91% during April. Overall distrust that the Ministry and Government will manage it in ways which best protect themselves More>>

Election 2020: National Releases 2020 Party List

National’s 2020 Party List is a strong mix of experience coming up through our Caucus, and new and exciting talent joining our team from communities across New Zealand, Party President Peter Goodfellow says. “The National Party is incredibly ... More>>

Horizon Research Limited: How Judith Collins Stopped The Bleeding

Horizon Research includes questions on voting from time to time in its surveys – for both forthcoming referenda and general elections. More>>

Your Vote 2020: Bringing Election Coverage To Viewers Across TVNZ Channels And Platforms

As New Zealand gets ready to head to the ballot box this September, 1 NEWS is bringing voters comprehensive coverage and analysis of this year’s General Election. TVNZ’s coverage will draw on the depth of experience held across the 1 NEWS team, says Graeme ... More>>

Economy: 30% Believe Households Worse Off, 298,000 Expect To Lose Jobs

64% of New Zealanders feel the economic position of their households is the same or better than a year ago – and 30% think it is worse or much worse, while 298,000 think they will lose their jobs in the next 12 months. Households’ perceptions ... More>>

State Services Commission: Findings Of Investigation Into COVID-19 Active Cases Privacy Breach

Deputy State Services Commissioner Helene Quilter has today announced the findings of an investigation into a breach of privacy regarding sensitive personal information. The investigation looked into who or what caused the disclosure of the information, ... More>>

International Security: New Zealand Suspends Extradition Treaty With Hong Kong

The New Zealand Government has suspended its extradition treaty with Hong Kong and made a number of other changes in light of China’s decision to pass a national security law for Hong Kong, Foreign Affairs Minister Winston Peters says. More>>






InfoPages News Channels