New Zealand will experience another year of deficits because Labour is addicted to spending and is failing to deliver the economic growth New Zealand needs, National’s Finance Spokesperson Nicola Willis says.

“Today, Grant Robertson announced he can’t get back to surplus until 2025. This is yet more economic bad news from a Government that has no plan for New Zealand’s economy except to spend more and tax Kiwis more to pay for it. 

“Labour is failing to ensure value for taxpayer money, failing to lift the incomes of the squeezed middle and failing to deliver the economic growth our country needs.

“With inflation at a 30-year high, raking in an extra $12.5 billion a year in revenue, surpluses should be arriving sooner – not later.

“Instead Labour’s economic mismanagement has baked in another year of deficits. 

“Grant Robertson has gone so far as to spell out why surpluses matter and the impact deficits have on inflation, but has farcically exempted himself from his own rules until 2025 at the earliest.

“In addition to more deficits, the Minister says he wants to double the Government’s debt ceiling. 

“New Zealanders will be concerned about letting Labour loose with taxpayer cash in light of their repeated failures to deliver results for public spending.

“Labour is addicted to spending. They’re pushing out surpluses and shifting the goal posts to clear the way for more spending by lifting debt limits.

“At the same time as Grant Robertson proposes record new spending, the Prime Minister and Revenue Minister are leaving the door open to new taxes to pay for it.

“New Zealand cannot trust this Government to responsibly manage public finances.”