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Labour releases fiscal strategy - Cunliffe

Labour releases fiscal strategy

Labour today released its fully-costed fiscal strategy, itemising all proposed investments for the projection period, updated for the Government’s most recent fiscal assumptions contained in the Pre-Election Economic and Fiscal Update (PREFU).

“This is a responsible and prudent fiscal strategy, written against the backdrop of an uncertain world economy,” David Cunliffe said

“It controls spending through a disciplined programme that will be phased in over time. 2013/14 is the only year in which Labour reports a larger operating deficit than National.

“Labour’s fiscal strategy retains the full revenue stream from SOEs and this combined with our fair tax package and expenditure control, means Labour’s fiscal surpluses will become larger than those forecast in the PREFU from 2016/17. So the following year, Labour pays off debt faster.

“Flowing from this, larger surpluses and higher returns to the New Zealand Superannuation Fund means less net debt in the long term.

“However, the need to offset asset sale revenue will require slightly more borrowing to finance capital investment in the short to medium term.

“At the end of Labour’s first term net debt including the NZSF will be 51.2bn compared to a PREFU forecast of 48.7bn, a difference of 2.55bn.

“The net result is that Labour eliminates net debt including NZSF in 2021/22, a year ahead of National.

“I would emphasise that Labour’s fiscal strategy is an integral part of a broader economic plan that will address the underlying structural problems facing the NZ economy: high private debt, low savings, over investment in property and an aging population.

“Rather than short term measures Labour has a real strategy that will comprehensively address these fundamental problems while maintaining a disciplined and prudent fiscal position,” David Cunliffe said.

Authorised by David Cunliffe MP, Parliament Buildings, Wellington

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