19 July 2002
It's The Economy, Stupid!
"Warnings from Deutsche Bank that economic growth is going to halve during the coming year is another wake-up call for
voters that the golden weather is coming to an end," says National's Finance spokesman David Carter.
Mr Carter says it is obvious that Labour hasn't done a single thing to lift New Zealand's long-term, sustainable growth
rate.
"For the past two years the current Government has ridden its luck on the back of low interest rates, a low dollar and
high commodity prices. However, whip these factors away and all of a sudden we're back to a miserable 2% per cent
growth.
"That's just not good enough and it will see New Zealand fall further behind Australia. That's the real gap we should be
closing.
Mr Carter says Labour has squandered the opportunity to lock in higher growth.
"It refuses to the tackle issues that will really make a difference to our long-term economic performance - like cutting
compliance costs and reducing our high tax burden. New Zealand will never get ahead with the highest corporate tax rate
in the Asian region and a regulatory environment that puts up barriers to growth.
"Unlike the current Government, National has a serious and substantial plan that puts higher economic growth at the
heart of our economic policy framework.
"During the election campaign Michael Cullen has continually diverted attention away from the worsening economic outlook
with politically-motivated attacks against the Reserve Bank and Don Brash.
"Up until now voters may have been fooled by his diversions. However, they're becoming increasingly aware that New
Zealand is headed for tougher times and only National has the policies to enhance our economic performance," Mr Carter
says.
Ends