Average Kiwi family $9000 a year worse off under Labour

Since coming to power, the Labour Government has managed to make the average Kiwi family about $9000 worse off, or more than $170 a week, National’s Shadow Treasurer Andrew Bayly says.

“A combination of poor policy, direct tax increases, and economic mismanagement has seen the cost of living soar, and things are only going to get worse as the Government rolls out more ill-thought out policies in the coming months.

“Today’s news that annual inflation has risen to whopping 3.3 per cent, the highest it has been in just under a decade, will be huge cause for concern for average Kiwis, who are seeing more and more of their pay packets eaten up by basic day to day living costs.

“While supply issues have played a role, the fact StatsNZ have cited housing and petrol as two of the main drivers of inflation over the last year points the finger of blame squarely at the Government.

“For a typical family in New Zealand, the cost of food, rent, petrol, and power alone has risen over $130 per week since Labour took office.

“Fuel taxes under Labour have gone up 28 cents per litre in Auckland, costing a typical family an extra $650 every year. We can expect this to get even worse, as the car tax comes into force, forcing families who can’t afford a Tesla to hold on to their older, less fuel efficient cars for longer.

“Rents are up $100 per week thanks to Labour’s lack of delivery on housing. Both Treasury and IRD are warning that Labour’s capital gains tax by stealth, and additional taxes on property owners would likely to see rents rise further still.

“By pushing mum and dad investors out of the housing markets, and with no supply-side measures coming any time soon, it is apparent that renters will suffer.

“The likelihood of interest rate hikes in the near future will also be worrying for homeowners who have been forced to take out big mortgages just to get onto the property ladder.

“The Government’s low growth policies will leave us behind the rest of the pack, and New Zealand families will be significantly worse off as a result.”