John Key MP
National Party Finance Spokesman

08 June 2005

Treasury confirms economic mismanagement

“Treasury’s admission that it has overcooked its predictions for growth, are a slap in the face for Michael Cullen and Labour, “ says National Party Finance spokesman John Key.

Treasury says the slump in business confidence and rising unemployment, point to a lower growth figure.

“This is further evidence that Labour’s tax and spend priorities are putting barriers in the way of economic growth. Having spent so much money crowding out the private sector, interest rates have increased seven times in the past year.

“Labour’s reckless spending binge has added nearly $2,000 a year to a $100,000 mortgage.

“But now, with an economy teetering on the brink, Labour has provided nothing in its Budget to get things moving again and improve our longer term outlook.

“No wonder Dr Cullen is now apologising for the Budget,” says Mr Key.

Ends

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