INDEPENDENT NEWS

National Releases Its Plan To Restore NZ’s Prosperity

Published: Fri 18 Sep 2020 10:34 AM
National’s Economic and Fiscal Plan carefully balances the need to invest in infrastructure and core public services while also reducing tax pressure on Kiwi families and businesses.
National Leader Judith Collins and Finance spokesperson Paul Goldsmith unveiled National’s fully-costed and independently reviewed plan to restore New Zealand’s prosperity in Wellington today.
“National’s Economic and Fiscal Plan will put more money into Kiwis’ pockets while also encouraging businesses to invest and create more jobs,” Ms Collins says.
“Responsible economic management has been a hallmark of successive National Governments. The Government I lead will continue that tradition.”
Finance spokesperson Paul Goldsmith confirmed National’s commitment to continue increasing investment in core public services.
“We will invest more in education, health, social development and infrastructure while leaving $10.2 billion in operating allowances over the next four years to deal with future cost pressures.”
National’s plan has been reviewed by NZIER, which said in its report that all fiscal commitments were within proposed spending allowance levels, with $10.2 billion in unallocated fiscal headroom over the next term of Government.
In the medium-term, National is committing to a significant level of new spending, but at a lower level than the track contained in PREFU, NZIER said.
National’s pathway to reducing government debt involves a more disciplined approach to day-to-day new spending, suspending Super Fund contributions, eliminating wasteful spending like Fees-Free and KiwiBuild, and benefiting from the subsequent reduction in finance costs, Mr Goldsmith says.
“Our projections show we can return debt back to 35 per cent of GDP by 2034 compared to the PREFU forecast of 48 per cent.
“The choice for voters this election is clear: higher taxes and more government programmes under Labour and the Greens, or more money in their pockets under National.”
National’s goal is to build a strong economy that provides a good standard of living for all New Zealanders and opportunities for future generations, Mr Goldsmith says.
“Throughout history, severe downturns have been a time when generational investments have been made that help set up future growth. National will make these much-needed historic investments.
“But, unlike Labour, we recognise the need to act responsibly for future generations. The best path back to prudent debt levels is through an absolute focus on economic growth and disciplined spending, not higher taxes.”
Notes: National’s Economic & Fiscal Plan and NZIER’s independent report are attached

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