New polling shows Labour’s economic mismanagement is wreaking havoc on New Zealanders, with tens of thousands being forced to consider selling their home, National’s Finance spokesperson Nicola Willis says.

HorizonPoll’s Banking Monitor released today shows that 11 per cent of those surveyed - equivalent to nearly 150,000 Kiwis with a mortgage - will ‘most likely’ or ‘definitely’ have to sell a residential property in the next 12 months because of higher interest rates.

“This poll shows that Labour’s economic mismanagement is shattering the Kiwi dream of homeownership.

“Recent first-home buyers are being hit hard – with one in four of those surveyed under the age of 35 expecting they will ‘definitely’ or ‘most likely’ have to sell in the next 12 months.  

“Labour’s inability to control its own spending has pushed up interest rates. It is spraying money around with reckless abandon, and Kiwis are paying the price.

“As New Zealanders are re-fixing their mortgages on far higher rates, it’s like a bomb going off and they are being caught in the blast.

“Prime Minister Chris Hipkins had an opportunity to provide tax relief in his Budget, but failed to act, ignoring those struggling to pay the bills.

“Labour has found billions of dollars for its unwanted Three Waters reforms and for more Wellington consultants yet claim it can’t find a cent for tax relief.

“National will reduce income tax, bring discipline to government spending, stop adding new costs, fix worker shortages, and focus the Reserve Bank on controlling inflation.”