Labour doesn’t have a plan to pay down debt

Today’s Half-Yearly Economic and Fiscal Update confirms Labour has no plan to lift New Zealand out of debt, saddling our future generations with the burden, National’s Finance spokesperson Michael Woodhouse says.

“With Treasury forecasting debt to peak above 50 per cent of GDP, the Government needs to show its plan to pay down this debt. But Finance Minister Grant Robertson hasn’t got one.

“Poor quality spending like KiwiBuild, Fees Free and the ongoing saga with Light Rail, coupled with more borrowing under this Government than any other in our history is leaving a heavy burden for our future generations to bear.

“Grant Roberson’s only plan is higher and more taxes. Already Labour has implemented a new tax, and is considering a further two. But no country has every taxed its way into prosperity.

“Our economic recovery depends on careful and sensible spending. We need to be investing in businesses and quality infrastructure, not more government programmes and increasing costs on businesses.

“It’s critical Labour doesn’t use this crisis as an excuse to ramp up spending on measures that don’t contribute to economic growth or increasing living standards and instead will leave future generations saddled with debt.”