Goldsmith acknowledges Frydenberg’s tax cuts

The Australian Budget overnight shows the Australians understand that tax relief is an essential component of an economic plan to restore prosperity, National’s Finance spokesperson Paul Goldsmith says.

“In contrast to Labour and the Greens, who are promising higher taxes, National is offering New Zealanders tax relief to stimulate the economy.

“Last night, Treasurer Josh Frydenberg delivered Australia’s budget which included significant tax relief for middle income earners and accelerated depreciation to fire up business investment.  

“National understands the need for tax relief. As previously announced, we will deliver immediate tax relief starting on 1 December that will put more than $3000, or nearly $50 a week, in the pockets of average income earners.

“We understand the need to put money back into the pockets of New Zealanders, to encourage spending and to boost our businesses. At the end of the day, it’s businesses who will create jobs, and jobs is what we need.

“We get it. Australia gets it. But Labour and the Greens don’t.

“The last thing the economy needs in the middle of a recession is higher taxes. No country has ever taxed itself out of a recession, in fact higher taxes is a form of economic austerity that will hurt economic recovery. Yet that is exactly what Grant Robertson and Jacinda Ardern are proposing.

“National’s tax relief package is targeted at middle income earners – such as teachers, nurses and police officers – who will receive the largest savings relative to their income. Australia’s tax stimulus package is also targeted at middle income earners.  

“New Zealanders have a clear choice at this election. Higher taxes, lower growth and fewer jobs under Labour. Or lower taxes, higher growth and more jobs under National.”