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The economy appears to be slowing with today’s GDP figures showing economic growth in the past three months is the lowest in five years, National’s Finance spokesperson Amy Adams says.

“Economic growth in the past three months of 0.3 per cent doesn’t even compensate for population growth. Economic growth per person, which reflects population growth, actually declined in dollar terms over the past three months.

“Despite all the Government’s talk of wellbeing, that means New Zealanders are becoming worse off.

“While quarterly numbers can be volatile and need to be read with caution, these latest figures do suggest a general slowdown from the economy the Government inherited from National.

“These results will cause embarrassment to the Minister of Finance after he was too quick to boast about the previous quarter’s result, which now appears to be an outlier.

“Despite the economy slowing, the Labour-led Government is projected to take an extra $17.7 billion in tax from New Zealand families over the next four years than was projected under National. That amounts to $10,000 less in the back pockets of the average household.

“National believes New Zealanders deserve to keep more of what they earn. Unlike the Labour-led Government, we know that as a country we can’t tax our way to prosperity.

“New Zealand needs sensible and consistent economic policies that promote growth and reward hard work, as well as wise spending of taxpayer money.”

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