Budget 2022 confirms Finance Minister Grant Robertson’s spending is out of control, National’s Finance Spokesperson Nicola Willis says.
“Not content with a record $6 billion per year spending spree that he planned, Labour has raided future budgets – spending $2 billion from Budget 2023 and $0.4 billion from Budget 2024.
“That’s before you count climate spending and the cost of living payment – which are on top, taking the total spend-up to more than $9 billion per year of government spending.
“At a time when unemployment is very low, Grant Robertson is running a deficit of $19 billion.
“Having announced by far the biggest increase in spending in any Budget, ever, Grant Robertson expects New Zealanders to believe that he will keep his increases to $2.5 billion for the next two years. That is hard to believe.
“Inflation is at a 30-year high of 6.9 per cent, will remain above 5 per cent next year and is expected to stay high for years, not getting back down to below 3 per cent until 2025.
“While Labour might want to blame inflation all on offshore factors, Treasury has confirmed that inflation is being driven by domestic factors.
“Today’s forecast confirm that Labour’s economic mismanagement means Kiwis, the economy and outcomes are all going backwards.”
Note: Total spending allocated in Budget 2022 is set out in Table 2.6 on page 31 of Treasury’s Budget and Economic Fiscal Update.
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