“Today’s GDP numbers show a small bump in the road downhill,” says ACT Leader and Finance spokesperson David Seymour.

“These numbers are already out of date, they’re a bump between last year’s real lockdown and this year’s virtual lockdown.

“The bump follows the over-the-top Delta lockdown that left Aucklanders locked down for far too long after our vaccine rollout was too slow. Those lockdowns and restrictions have left the economy in tatters.

“Those restrictions have left businesses on the brink or worse still, unable to continue. Iconic businesses like Frasers in Mt Eden are closing, this is the real face of this slump.  

“ANZ business confidence ratings are at an all-time low. Worse still – ANZ predicts inflation will reach 7.4 per cent – the cost of living crisis could become a catastrophe for many hardworking Kiwis.

“Kiwis are paying more for almost everything, whether it’s at the pump or the checkout. Prices are rising because the Government has shut down production and compensated with a flood of borrowed and printed cash.

“We have a Finance Minister who is raking in record taxes to pay for all of his spending. We’re overtaxed and over-regulated. Grant Robertson needs to take his foot off the throat of taxpayers.

“We are now living through the hangover of Labour’s economic sugar hit with debt, rising prices and taxes.”