Labour is two years into Opposition and devoid of any new ideas to take the country forward, National’s Finance Spokesperson Nicola Willis says.
“In March 2024, Chris Hipkins gave a State of the Nation speech where he promised that Labour would release a ‘series of discussion documents’ over the next two years on ‘key issues’ including future tax policy.
“Two years on, Hipkins has given another State of Nation speech with not a single new idea for New Zealand. Just a lot of words that amount to nothing, which is how some might characterise their last term in office.
“It’s pretty sad that the largest party in Opposition has no new ideas for how it will help New Zealanders get ahead.
“In fact, Hipkins’ only tax policy so far is a reheated proposal for a capital gains tax which proves that Labour is set to repeat the same formula of ‘spend more, tax more, borrow more’ that wrecked our economy.
“It has taken National two years of careful economic management to start undoing the damage Labour did to the economy and put it into recovery.
“The last thing we need is an economic wrecking ball in the form of a Labour-Greens-Te Pati Maori Government that hasn’t learned from its failures that drove inflation and interest rates to record highs.
“Hipkins needs to answer basic questions at his media stand-up today to demonstrate that Labour won’t put New Zealand’s economic recovery at risk.”
Will he commit to:
- Maintaining debt below 50 per cent of GDP and aiming to return debt below 40 per cent of GDP over time?
- Retaining the Reserve Bank’s single mandate to keep inflation within the 1-3 per cent band?
- Maintaining the Reserve Bank’s 1-3 per cent target band for inflation, given his Finance Spokesperson has suggested increasing it?
- Continuing to support businesses to invest in productivity-enhancing technology, through Investment Boost?
- Supporting National’s personal income tax changes that allow Kiwis to keep more of what they earn?
- Allowing interest deductibility, which has supported rents to remain stable in the last two years, after rising by $180 per week in the previous six years?
“Hipkins will no doubt use his get-out-of-jail-free line that Labour won’t announce new policies until after the Budget, but the answers to these questions shouldn’t require waiting for the Budget.
“The answers to these questions will give New Zealanders a clear indication that Labour has learned its lessons – or, more likely, not. New Zealanders deserve to know either way.”