Labour’s Budget spend-up will bring more pain for Kiwis – pushing up inflation and interest rates and bringing more pain for the 60 per cent of homeowners that need to refix their mortgage in the coming 12 months, National’s Finance spokesperson Nicola Willis says.

“On Newshub Nation this morning, Grant Robertson claimed that the additional spending in Budget 2023 wouldn’t push interest rates higher. He either hasn’t opened his briefing notes or is gaslighting the country – with page 1 of Treasury’s Budget forecasts confirming interest rates are likely to stay higher for longer to manage inflationary pressure.

“In Budget 2023 Labour has taken spending up to $137 billion – equivalent to $28,000 more spending a year for every Kiwi family since Labour took office. But Kiwis aren’t getting $28,000 of value.

“Labour is spending on poorly thought-out Band Aids – but still haven’t done anything to address the drivers of skyrocketing mortgage costs and inflation. In fact, this Budget just added to them.

“Banks have also highlighted concerns for mortgage holders, with ANZ indicating the additional budget stimulus will put more pressure on inflation and interest rates.

“The price of Labour’s economic mismanagement will be paid by hard working Kiwis, as the cost-of-living crisis continues to rage on and interest rates are through the roof.

“Budget 2023 has confirmed Kiwis have a clear choice at the election.

“A choice between a Labour government damaging the economy by refusing to rein in spending, driving up the cost of living and ensuring Kiwis struggle with skyrocketing food and mortgage rates. Or a National government that will fix the economy by getting the books back in order, providing tax relief and delivering the skills, infrastructure and innovation New Zealand needs to thrive.

“National knows it is only through a strong economy that we can deal with the cost-of-living crisis, lift incomes and afford the public services Kiwis deserve.”

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