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From rock star to rock bottom economy

Negative interest rates and quantitative easing are closer to becoming a reality in this country thanks to this Government’s bad economic management, Leader of the Opposition Simon Bridges says.

“The Reserve Bank has slashed interest rates because of slowing economic growth. This comes at a time when export prices are high and New Zealand should be doing well. It is an indictment on the Government’s poor economic management.

“The Reserve Bank Governor has talked about the possibility of negative interest rates and by cutting the OCR to the lowest level ever, it is now more of a probability.

“The bad economic management of the Labour Government means hardworking New Zealanders who have managed to build up some savings might soon have to pay the banks to hold on to their money.

“The Governor is also dusting off plans for quantitative easing, otherwise known as printing money. National’s good economic management helped us avoid such extraordinary steps during the Global Financial Crisis. Now, it’s being considered.

“National believes New Zealanders should keep more of what they earn. We won’t introduce any new taxes in our first terms and we have committed to tax indexation - we won’t allow future governments to use inflation as an annual tax increase by stealth.

“National would revive the economy by having a plan for growth. We will provide tax relief, invest in infrastructure and would see confidence bounce back and the economy gain the strength it’s lost under this Government through clear, certain, pro-business policies.”

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