Today’s Budget reveals the sheer scale of the economic challenge New Zealand is facing, National’s Finance spokesperson Paul Goldsmith says.
“We’ve just been through a dramatic health crisis, now New Zealanders can see the scale of the economic challenge and just how serious is.
“Unemployment is set to skyrocket to 9.8 per cent highlighting why the first priority must be to save jobs.
“With an extra $140 billion in debt, we’re facing debt levels not seen in decades, that’s nearly $80,000 per household.
“The Treasury predictions of future Government tax revenue and economic growth appear highly optimistic. New Zealanders should brace themselves for worse if this Government carries on.
“We welcome the limited extension of the wage subsidy however the $50 billion slush fund is totally unacceptable. The Government has cynically set aside more than $20 billion that it can spend before the election.
“There is very little in the way of a growth plan in this budget, beyond $230 million to encourage entrepreneurship and some announcements in infrastructure that we all know they will struggle to deliver.
“While we agree that Government support is necessary to save jobs, we must be mindful that every dollar spent in today’s Budget will need to be paid back.
“What we need now is a genuine growth plan and careful economic management to pay down debt and get us back to growth without the need for higher taxes.
“National would keep taxes low and get rid of unnecessary regulations.
“We have the team and the plan to guide New Zealand out of this economic hole.
“National has a strong track record of managing New Zealand through an economic crisis. This Government has a track record of failing to deliver.
“Only National will get New Zealand working again.”