“Today’s Consumer Price Index (CPI) is a hangover from Labour’s time in charge, it marks two and a half years of inflation above the Reserve Bank’s target range. The next Government’s number one job is going to be ending wasteful spending and getting inflation back within its target range,” says ACT Leader David Seymour.
“This has been one of the great failures of Grant Robertson’s time as Finance Minister and is a big reason why New Zealanders overwhelmingly rejected Labour last weekend. His legacy is going to be a cost of living crisis off the back of huge government spending with no positive outcomes for Kiwis.
“New Zealand’s inflation rate has become a global outlier. Other nations, like the United States and Canada, have been nearing the 3 per cent mark while New Zealanders face ongoing cost increases. The 8.8 per cent increase in the cost of food in the year to September hurts kiwi families.
“The challenges New Zealand faces can be addressed. But in order to do that there needs to be a strong economy built around creating conditions for prosperity, giving people the opportunity to get ahead.
“This is what the next Government has been elected to do. ACT received our biggest ever election result off the back of consistently being the voice of common sense when it comes to New Zealand’s economy.
“Cutting taxes won’t work if there’s no relief on inflation and interest rates. Something’s got to give. With ACT in charge of the economy it would be the billions of wasteful spending that has been stoked over the past six years.
“ACT has been unapologetic in its focus to cut waste. We identified a full $25.5 billion in savings over four years in our alternative budget.
“The next Government will face tough choices wrestling down inflation, interest rates, and debt. ACT is prepared to do the hard work and tell the truth, and that’s why ACT is the essential fiscal conscience in any new Government to fix the economy and get Kiwi families’ living costs under control.”