“National’s tax policy confirms there won't be any real change without ACT. Their tax cuts promise about half as much as Labour’s Michael Cullen promised 15 years ago, this policy could easily have been announced by Labour,” says ACT Leader David Seymour.
“National criticises Labour for spending an extra billion dollars a week, but they are promising to spend an extra $980 million a week.
“Real change starts with serious reductions in Labour’s spending. Keeping Labour’s $56 billion in extra spending and Labour’s tax system with minor adjustments for inflation is not the real change we need – it’s just delaying the decline of a first world country.
"ACT will argue for significant savings in coalition negotiations with National. Today’s announcement shows that there’s only one option for voters serious about stopping the Government’s wasteful spending and bringing real change to the tax system.
“ACT would make necessary changes immediately, Labour’s changes to interest deductibility for residential landlords would be reversed immediately, taking effect in April 2024.
“ACT’s Alternative Budget earlier this year showed how New Zealand could move to a competitive two-rate tax system where the top company, trust, and individual income tax rates were aligned at 28%.
“We set out how we would fund this flatter, more competitive tax system. We would attack wasteful government spending by shrinking the bureaucracy and cutting corporate and middle-class welfare.
“That would create a culture where work, savings and investment are rewarded. We’re unashamedly focussed on growing New Zealand’s economy and attracting wealth, not dividing the ever-shrinking pie New Zealand currently has.
“The next Government can deal with the hard issues, or it can carry on pretending they don’t exist. Successive governments have ignored problems and taken the easy road and New Zealanders are paying the price.
“When the last National Government was elected, the gap between a New Zealander and an Australian earning the median wage was $11,900 a year. In 2008, National campaigned on closing that gap. It’s now 2023 and the wage gap has grown to $23,400 less a year.
“ACT has set out what a real alternative looks like.
“ACT is the only party willing to tell the truth about the state of our economy and our country. Only ACT has the courage to make the tough decisions required for real change. New Zealanders face a choice: more of the same, or real change. The choice is ours.”