With unemployment expected to remain elevated for longer and economic growth forecast to be weaker than previously expected, economic malaise may persist for years unless we take drastic action, says the New Zealand Taxpayers’ Union. 

Taxpayers’ Union Executive Director Jordan Williams says, “With a weaker-than-expected global economic recovery on the cards according to Treasury, New Zealand taxpayers face a weak local recovery with unemployment remaining elevated for years. While we can’t change what happens overseas, we can and should change our policy settings at home to accelerate our economic recovery.” 

“Proposals by Labour and the Greens to hike taxes on high income earners and the wealthy should be abandoned. Higher taxes will simply put a handbrake on investment and entrepreneurship. Instead of leaving taxpayers to spend their money in their communities and businesses, it will be wasted on white elephant projects like KiwiBuild and light rail with very few economic benefits.” 

“Instead, political parties of all stripes should commit to eliminating wasteful spending and providing modest tax relief to households and businesses. That tax relief would drive entrepreneurship and investment and help to bring unemployment down lower and faster. If we continue the current approach of a high-tax, high-spend economy we will all be poorer for it.”

© Scoop Media