The updated Government financial statements confirm a trend of tax revenues running ahead of forecast and underscore the need for the Government to provide tax relief to New Zealanders, National’s Finance spokesperson Nicola Willis says.

“Today’s financial statements underscore a picture of increasing revenue flowing from New Zealanders’ pockets into the Crown accounts.

“This should be a wake-up call for the Finance Minister who, faced with choices about what to do with an accelerating tax take, is opting to go on a record spend-up with plans for the biggest operating allowance in New Zealand history at $6 billion.

“The Government‘s coffers are swelling with the ill-gotten gains of inflation, with more and more taxpayers being pushed into higher tax brackets. 

“This year Labour is set to take in $12.5 billion more of Kiwis’ money in income tax than when they came to office, while the squeezed middle are paying higher prices for food, rent and petrol with costs rising faster than their wages.

“National once again urges the Minister to prioritise tax reductions for Kiwis confronting the cost of living crisis. 

“Our tax package would put $1600 into an average household budget, which at a cost of $1.7 billion would be less than a third of what Labour plans to add to its spending this year.

“It’s time for Labour to give Kiwis more of their own money back.”