Statement on PREFU by New Zealand First Leader Winston Peters

“Today’s Pre-election Economic and Fiscal Update (PREFU) announcement by Treasury is a wakeup call for New Zealanders,” stated Winston Peters.

“The PREFU projections are the worst in our country’s history and reinforce to the voting public why they need experienced hands in government after the 2020 General Election.

“Now is not the time for the gaudy campaign spending promises being made by some political parties. Nor is it a time when the country can afford to experiment with inexperienced decision makers around the Cabinet table.

“Voters are facing a serious economic crisis. That is neither debatable nor in doubt. The next government is going to have to both grow the economy and live within its means if New Zealand is going to get out of this mess,” said Mr Peters.

“Parties on the left are making spending promises that the country can’t afford while parties on the fragmented right have no plan at all.

“New Zealand First believes that the next government needs to have a stiff backbone to resist Labour and the Green parties’ grandiose spending plans.

“With unemployment expected to explode voters also need the insurance of a party like New Zealand First that is wholly focused on boosting economic growth to create jobs,” stated Mr Peters.

“Incentivising our exporters, supporting regional economies, as we have done with the Provincial Growth Fund, while being fiscally responsible with scarce taxpayer money, is the key to our post-Covid economic recovery.

“Today’s forecast contraction in GDP of 16% in the June quarter (compared to a 7% contraction in Australia in the same period), and projected unemployment of 7.8 percent by March 2022 raises serious questions about both our health and economic responses to Covid going forward,” said Mr Peters.

“Now, more than ever, experience is required to ensure every taxpayer dollar is invested wisely and that business is supported to grow jobs and incomes so that we can recover quicker than these projections.”

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