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Labour’s Economy Keeps Crushing Kiwis

Wage data released today shows New Zealanders are continuing to go backwards under a Labour Government that cannot properly manage the economy, Opposition Leader Christopher Luxon says.

Wage inflation, measured by the labour cost index (LCI), was 3.7 per cent in the year ended September 2022, and is continuing to trail behind inflation which was 7.2 per cent over the same period.

“It’s no surprise Kiwis are feeling crushed by inflation - prices have now risen faster than wages for nine quarters in a row,” Mr Luxon says.

“Food, rent, petrol, and mortgage repayments have all skyrocketed on the Government’s watch. Kiwi families are having to make difficult choices about which of the basics they have to cut back on.

“Parents are having to say ‘no’ to their children more and more, and many families are turning up to budgeting services for help for the first time in their lives.

“Labour’s only response to runaway inflation has been to spend more money. But all their record spending has done is stoke the inflation fire. And broken immigration settings have choked off access to workers, worsening cost pressures.

“After more than two years of Kiwis going backwards, the Government still hasn’t presented a real economic plan.

“A strong economy gives individuals and families more choices about what to do with their household budgets. A strong economy also means governments can invest in better public services, like education, healthcare and housing, to improve people’s lives.

“New Zealand deserves a government that can deliver a strong economy. The first step is to tackle inflation and get the cost of living under control.

“National has a plan to fight inflation – unblocking bottlenecks, reducing costs on business, bringing discipline to Government spending, prudent tax reduction and focusing the Reserve Bank on an anti-inflation mandate.”

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