Responding to new Stats NZ data showing GDP falling 1% in the September quarter, ACT Leader David Seymour says:

“Just as we saw earlier this week in the government books, the full impact of Labour’s economic destruction wasn’t properly reported. But ACT was ringing alarm bells over Labour's spending binge throughout the previous term, and the resulting recession is a vindication of what we’ve aways said.

“We may have turned a corner on the cost of living and sky-high interest rates, but so far, firms, farms, and families just haven’t been given enough confidence to spend and invest.

"To rise out of these economic doldrums we need to unleash the ambition and creativity of New Zealanders so families can generate for wealth for themselves and their loved ones.

“That starts with cutting the regulation that shackles Kiwis’ potential, and ACT is proud to be leading this effort. We’re replacing the broken Resource Management Act, simplifying anti-money laundering laws that make ordinary transactions a headache, and launching sector reviews to bust red tape in every part of the economy.

“Households also shouldn’t have to bear the whole burden of cutting spending. A new Government has made a good start in reining in waste, but we need the nerve to stay the course and keep winding back programmes that aren’t making the country richer."

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