Grant Robertson should reverse his massive tax grab and give New Zealanders a break from the cost of living crisis, National’s Finance spokesperson Simon Bridges says.

“Since Labour came into office, food prices are up more than 13 per cent, average rent is up $140 a week, and it costs $45 more at the pump to fill a standard tank of petrol. Quite simply, Kiwis need some relief from the onslaught of rising prices.

“Government spending is up a whopping 68 per cent since Labour took office. At a time when he should be reining in his big spending plans and delivering Kiwi families some much-needed tax relief, Grant Robertson has given himself a record $6 billion for new spending at the upcoming Budget.

“Labour should use some of that $6 billion to adjust income tax thresholds to account for the rampant inflation we’ve seen since they took office. This change would mean more money in the back-pocket of anyone earning over $14,000 a year, and all superannuitants.

“Because the change would be met from the existing budget allowance it would not put further pressure on inflation or require spending cuts in areas like health and education. Even after accounting for the $1.7 billion cost of the change, the remaining $4.3 billion would still be the biggest allowance for new spending initiatives ever.

“Labour’s only approach to managing the economy is spend, spend, spend – and then tax Kiwis to pay for it.

“There’s the regional fuel tax, the proposed light rail tax, the brightline extension, the removal of interest deductibility on rentals, the new 39 per cent income tax rate and, perhaps worst of all, the latest jobs tax proposal.

“Labour has implemented a massive tax grab, and National would reverse all of them to give Kiwis a break.

“It’s time for Grant Robertson to do the right thing in the face of this cost of living crisis – scrapping low-quality vanity projects like Auckland Light Rail and letting Kiwis keep more of their own hard-earned money.”

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