Gloomy Start To 2023
With a record number of businesses bracing for pain in coming months, the Government needs to come back from holiday with a real economic plan, National’s Finance spokesperson Nicola Willis says.
Results from NZIER’s Quarterly Survey of Business Opinion released today show a net 73 per cent of businesses expect general economic conditions to worsen in coming months – the weakest result on record.
“The Government’s failure to rein in spending and address labour shortages mean Kiwis are being slammed by rapidly rising interest rates. It’s no surprise that the cost of that failure has left businesses feeling gloomy.
“Alarmingly, the number of businesses expecting higher costs and higher prices have increased since the last survey – suggesting more cost of living pain is on the way in 2023.
“Businesses have been slammed by cost pressures and labour shortages for more than a year. It’s well past time for the Government to present a real economic plan.
“But instead of presenting a plan, Labour has been distracted by failed pet-projects like the TVNZ-RNZ merger and Three Waters.
“Kiwis deserve a Government with an economic plan. National would rein in wasteful spending that's adding fuel to the inflation fire, stop adding new costs and taxes, refocus the Reserve Bank on price stability, address worker shortages and let Kiwis keep more of what they earn.”