Labour’s fiscal pamphlet missing another $10 billion

National can reveal that Labour’s fiscal pamphlet, which included a massive $140 billion mistake, has another $10 billion gap in it, National’s Finance spokesperson Paul Goldsmith says.

“Labour’s fiscal pamphlet has so few numbers you think they would be able to get them all right. Instead, they got their own debt number wrong by $140 billion.

“But it gets worse, there is a deliberate omission. This time to the tune of more than $10 billion.

“Labour’s fiscal pamphlet is so light on detail it fails to include costings or funding for two of Labour’s most expensive election promises, Light Rail and Pumped Hydro.

“Pumped Hydro has estimates starting at $4 billion. Yet there is no mention of it in Labour’s pamphlet. Labour can’t have a policy targeting 100 per cent renewable electricity by 2030 without a clear plan to get there and how it will be paid for.

“Labour’s also promising to reboot its failed Light Rail project, which has been estimated to cost at least $6 billion, and as high as $15 billion according to Winston Peters.

“Again no mention of it in Labour’s feeble pamphlet. We know Labour promised to release no policy this election, but this pamphlet is taking it to the next level.

“This is at least $10 billion worth of projects that will have to be funded but Labour hasn’t included in its numbers.

“Labour won’t fund Light Rail through the National Land Transport Fund (NLTF) given Grant Robertson has accused National of ‘raiding’ the NLTF to pay for some of our own ambitious transport package.

“It speaks to the arrogance of Labour that Grant Robertson thinks he can get away with so little detail. New Zealanders are staring down the deepest recession in living memory. They want to see specific policies that will grow the economy and create jobs. All Labour has offered is a day off, higher taxes and a ban on banana stickers.

“Labour is going into the election with promises to build two of the most expensive infrastructure projects in New Zealand’s history. It is not credible to have no costings or no funding.

“New Zealanders deserve to know how they are going to be paying for these projects, and whether it’s going to result in higher taxes.”