Kiwi wallets are being squeezed as cost of living rises

The latest household living costs reveal Labours ill-thought through policies are hitting New Zealand’s most vulnerable the most, who are seeing more and more of their pay packets eaten up by basic day to day living costs, National’s Shadow Treasurer Andrew Bayly says.

Kiwis have seen their household budgets take a hit with costs rising 2.5 per cent across the board since last year. Costs on Māori families have risen 2.6 per cent and superannuitants have seen their budget squeezed by 2.8 per cent.

Mr Bayly says what’s most concerning, though, is that those who are by far the worst hit are New Zealand’s most vulnerable, our beneficiaries, who have watched as their costs have increased by 3 per cent.

“These are Kiwis who are already struggling to balance the household budget, to make ends meet, and are now finding it even harder due this Government’s policies.

“This is the first time in just under a decade that every single group measured by Stats NZ has had their costs go up by more than 2 per cent.

“The Finance Minister thinks a rapidly rising cost of living is the sign of a growing economy, but he couldn’t be more out of touch.

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

“It’s down to Labour’s ill-thought through policies, like the Auckland Regional Fuel Tax, offshore oil and gas exploration ban, failing housing policies and general economic mismanagement that has directly and indirectly led to this.

“The Government might point to its increase in the benefit as a response to the rising costs, but that has been eaten away already.

“National believes in increasing incomes for all New Zealanders, not just giving handouts and adding to our nation’s debt to pay for them.

“The Government’s low growth policies will leave New Zealand behind the rest of the world, and our most vulnerable will be significantly worse off as a result.”