Media Release
Thursday 28 May 2009

Bill English takes steps to keep debt under control – Yeah right!

“The figures speak for themselves” said John Pemberton, DSC Finance Spokesman. “Debt, more debt and even more debt right through until June 2017. The Budget forecasts: June 2009 $69.16 billion; June 2010 $76.12 billion and for June 2013 $106.62 billion – servicing that debt alone raises government expenditure on debt from $3.4 billion to $5.5 billion– does that look like debt under control?” asked Mr Pemberton.

“Bill English was certainly right to make debt one of his three objectives, but none of his orthodox budgetary measures will see the growing debt burdens currently experienced by New Zealanders lessen in fact.

“Our boom-bust economy is a symptom of a sick financial system - just as the fever and chills are symptoms of a sick human being”, Mr Pemberton said.

“It is time to issue the economy with a Monetary Reform Prescription that will stop the fever and chills – it is Bill English’s responsibility to write the script.

“Today’s Budget announcements reveal his inability to do so” concluded Mr Pemberton.

ENDS

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