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Labour’s alternative budget confirms surplus post PREFU

Labour’s alternative budget confirms surplus post PREFU

The forecast slowdown in economic growth from last week’s PREFU requires a minor adjustment to Labour’s fiscal plan as part of our policy to be honest and upfront with Kiwis, Labour Leader David Cunliffe says.

“Labour has already released a detailed alternative budget that took into account a potential slowdown in economic growth. Today we have updated that, following the release of the PREFU.

“It is a no-surprises policy that confirms our determination to pay off National’s record debt. National should do the same.

“Labour has removed the indexing of the extra $1 billion a year budget allowance.

“This allowance will still meet increases in inflation and population growth for the next three years. After that we will reassess indexing of this investment.

“Labour has trimmed its new spending and allowances for the election campaign by $300 million a year, $200 million of which was a contingency buffer factored in for an economic downturn.

“In addition to meeting our debt reduction commitments in light of the PREFU’s reduced revenue from the cooling economy, Labour will focus on priorities, adjust the timing of some policies and not proceed with some unannounced minor policies.

“Labour’s responsible plan will boost growth, pay down debt and make sure Kiwis have access to the public services they need. This is an open and transparent approach that New Zealanders want to see.

“Unfortunately National has not been as upfront with Kiwis. There is still significant spending that has yet to be announced by National, meaning New Zealanders are not in a position to make a clear comparison.

“Labour has spent this campaign being clear and upfront with New Zealanders about our spending plans when in government. It is time for National to do the same,” David Cunliffe says.

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