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GDP Shows What Kiwis Already Know
“With New Zealand almost certainly headed for a recession, Labour needs to wake up and unleash the ingenuity of New Zealanders by reducing wasteful spending, giving it back in tax cuts, and ditching the stifling red tape,” says ACT Leader David Seymour.
“Labour has mismanaged the economy and it deserves to be punished in October. A recession is when you lose your job, the recovery should be when Chris Hipkins loses his.
“Grant Robertson has already said “Covid-specific circumstances were to blame” for the shrinking economy. New Zealand should be on the way up as we move on from Covid-19, Labour’s wasteful spending is the anchor holding New Zealand’s economy back.
“New Zealanders don’t need Stats NZ to tell them what they’re already feeling on the ground. Wages are falling behind inflation. Mortgage payments are up. The cost of just about everything is through the roof. All because Labour has sucked up too many resources and produced too little with them.
“This week the Government admitted that wages after tax have fallen. Kiwis are taking home less money after tax but the Government isn’t spending any less.
“When Grant Robertson inherited the books, spending was about 27 per cent of GDP, or $87 billion a year. Now, it's 35 per cent of GDP, up $40 billion a year to around $127 billion. Even without a natural disaster this was reckless, now it is totally unfeasible. As households tighten their belts in the face of mortgage and rent increases, it’s time for the Government to do the same.
“ACT is the only party with a fully-costed alternative budget. That budget explains how we can reduce wasteful spending without touching frontline services and deliver tax relief for hardworking Kiwis.
“This country is grappling with so many significant challenges – a cost of living crisis, out of control crime, a truancy crisis, and a health system under immense stress.
“New Zealanders need not just an economically literate Government, but a Government that offers a vision of real change. Right now, only ACT is offering that.”
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