Labour has mismanaged the economy and New Zealanders are paying the price, with new data showing even more people are drowning in debt, National’s Finance spokesperson Nicola Willis says.

“New data from Centrix confirms that the number of people falling into debt arrears has climbed for the eighth consecutive month, as New Zealanders continue to get crushed by the cost-of-living crisis, high inflation and higher interest rates.

“430,000 Kiwis are now behind on debt repayments, including mortgages, car loans, credit cards and Buy Now Pay Later accounts.

“New Zealanders are paying more tax than ever as inflation pushes them into higher tax brackets. Prime Minister Chris Hipkins has flatly refused to act on this unfairness, saying there will be no tax changes in the Budget.

“While he can find the money for Tesla subsidies, massive consultant fees and more communication advisors, he refuses to let Kiwis keep more of what they earn.

“National has been very clear. We will deliver tax relief to hard-working New Zealanders.

“Labour has ratcheted up their spending to record levels, stoking inflation and adding costs in every direction. It is always the same with Labour: they will continue spending more and taxing more until they are voted out.

“National will adjust tax brackets for inflation; bring discipline to Government spending; stop adding new costs; fix worker shortages and focus the Reserve Bank on meeting a low inflation mandate.”

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