Michael Cullen accepts failure - NZ deserves better

"Michael Cullen might be prepared to accept his own failures in managing the economy but working New Zealanders shouldn't have to," says National Party Deputy Finance spokesman John Key.

He's referring to Dr Cullen's interpretation of a dramatic fall in business confidence. "The fact that Dr Cullen has been signalling slower growth for 'some while' does not make it any easier to accept," says Mr Key.

"This Labour Government was quick to claim credit when the outlook was brighter, it must now accept some responsibility when the tide begins to turn.

"Dr Cullen has been reduced to a commentator who suggests the slow-down will be 'mitigated by a supportive policy environment'.

"What's supportive about a country where the RMA kills investment, where roading infrastructure is allowed to grind to a halt so coalition arrangements with the Greens can be kept, and where aquaculture is on permanent hold because we can't sort out who owns the foreshore and seabed?

"What's supportive about an environment where New Zealanders are told to expect higher power prices, where labour law changes and changes to the Holidays Act will slow employment growth, and where taxes have gone up over $1 billion a year?

"On the currency, Michael Cullen himself admitted intervention would at best knock a tiny amount off the top and bottom of the New Zealand dollar.

"If this is the best he can offer, it's little wonder confidence has slumped. What's more worrying - is that the worst has yet to come," says Mr Key.

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