22 August 2012 MEDIA STATEMENT

Government’s economic management flailing

National’s barrage of broken economic promises, including a pledge to invest 40 per cent the Super Fund in New Zealand, are laid out today in David Parker’s Economic Road Test of the Government.

“The National Government has over-promised and under-delivered. It has failed in almost every economic goal it has set, from increasing exports to closing the wage gap with Australia,” says Labour’s Finance spokesperson David Parker.

“Four years ago National pledged to invest 40 per cent of the Super Fund in New Zealand but are nowhere near it. Labour knew it was a hollow promise and said so but National sold another myth to the public.

“The list of failed goals is impressive – by their own targets they have let New Zealand down.

· Close the wage gap with Australia: failed.

· Forty per cent of the super fund to be invested in New Zealand: failed

· Higher wages for New Zealanders: failed

· Reduce income inequality: failed

· Create more jobs: failed

· Build a more prosperous and ambitious New Zealand: failed

“New Zealanders were hookwinked by John Key’s promises of a brighter future. Unemployment is up, incomes are down, migration is skyrocketing and productivity has plummeted.

“Instead of trying to complete its goals this Government abandons them and creates new ones. Just this week it promoted a target for business innovation, we expect that will quietly fall by the wayside soon.

“Setting a goal but giving up because it’s too hard isn’t the way Kiwis do things. Labour will set strong but achievable goals and see them through.

“National’s broken model of glossy goals with no substance is failing New Zealanders and our children. Businesses, families and hard-working Kiwis are waking up to National’s big let-down.

“Labour is developing bold, new ideas to grow our economy, increase exports, create better jobs and grow wages. We will show the leadership, ideas and management this Government cannot provide.”

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