Labour’s economic mismanagement has plunged New Zealanders into more mortgage misery, with new data showing even more people struggling to keep up, National’s Finance spokesperson Nicola Willis says.

“New data from Centrix for June shows 19,500 Kiwis are now behind on their mortgage repayments, a 34 per cent year-on-year increase.

“When looking at all types of debt arrears, more than 425,000 New Zealanders are behind in their payments – an increase of 15,000 month-on-month.

“This data confirms that, under Labour, New Zealanders are continuing to get crushed by the cost of living crisis, high inflation and higher interest rates. Interest rates have risen so fast that a ticking timebomb lies in front of us.

“The cost of living crisis is entering its third year and sadly inflation pressures continue to persist across the economy.

“It’s not only households feeling the squeeze. Today’s Quarterly Survey of Business Opinion from NZIER show that cost pressures for businesses have regained momentum, with 70 per cent of firms reporting higher costs in June.

“Rather than taking pressure off, Labour has piled it on and is taking more tax than ever before. Tax revenue is up $48 billion under Labour – equivalent to $22,000 more tax per household.

“Labour has ratcheted up their spending to record levels, stoking inflation and adding costs in every direction. It is always the same with Labour - they will keep spending more and taxing more until they are voted out.

“National has been very clear. We will deliver tax relief to hard-working New Zealanders.

“National will adjust tax brackets for inflation, bring discipline to Government spending, stop adding new costs, fix worker shortages, and focus the Reserve Bank on meeting a low-inflation mandate.”