Thursday, 16 July 2020

Heavy industry being hollowed out by a hostile government


“Heavy industry is being hollowed out by a hostile government which continues to put new costs and regulations on productive New Zealanders,” says ACT Leader David Seymour.

“The closure of Tiwai Point signals the end of heavy industry under Jacinda Ardern’s anti-business Government.

“Labour is squeezing the life out of the economy. For three years, it has made it much more difficult and costly for businesses like Tiwai Point to be productive.

“We have a Wellington-centric government of former student politicians that just doesn’t get how the economy works.

“When taxes and regulation are the answers to every problem, we shouldn’t be surprised when jobs up and leave.

“New Zealand already had the highest tax-to-GDP ratio in the Asia-Pacific and the most hostile overseas investment regime in the developed world.

“The Labour Government has made the situation worse. We only have to consider its record.

“It held a capital gains tax over the heads of productive New Zealanders for almost 500 days. The Zero Carbon Act is the most expensive legislation in our history. It raised the minimum wage while businesses were unable to trade and the economy was about to enter recession. On 1 July, it took $250 million in road and other taxes out of the economy. Yesterday, it increased waste taxes six-fold to $270 million. It has made it even harder for overseas investors to invest here.

“New Zealanders are asking for a plan to restart the economy, reconnect with the world safely, and start repaying the debt.

“Labour’s plan is visionless. Throwing money at every problem is akin to treating a broken bone with a band-aid.

ACT’s five-point plan will grow the economy and job opportunities, cut taxes and red tape, invest in border protection and pandemic preparedness, roll out an ambitious programme of pro-growth reforms, and leave less debt for our kids.”