“New Zealanders became poorer this year under Labour and, if we carry on with more of the same, next year isn't looking any better. Only a stable ACT-National government can fix the economy,” says ACT Leader David Seymour.
“The IMF’s World Economic Outlook released overnight forecasts New Zealand’s per capita GDP growth as negative in 2023 and zero in 2024.
“New Zealand also has the worst structural balance among advanced countries apart from the US. The structural balance takes away any budgetary consequences of the business cycle to show the impact of fiscal policy. In other words, even if everyone in New Zealand’s economy is firing on all cylinders and nothing goes wrong, with the Government’s current policies in place we’re going to remain at the bottom of the pile.
“There is no indication that Labour will fix these problems, or that they have even the slightest idea of them. Only days ago Chris Hipkins was bragging on Newstalk ZB that New Zealand’s GDP growth numbers were second only to Japan. The IMF ranks our GDP growth as 145th out of 173 countries. As if that isn't bad enough, in 2024 it has put us at 168th. We're relying on the likes of Equatorial Guinea and Sudan to come in behind us.
“The next Government will face tough choices wrestling down inflation, interest rates, and debt. ACT has identified a full $25.5 billion in savings over four years that are essential to get debt down, reduce inflation, and reduce pressure on mortgage rates.
“If we want the first world healthcare, education and infrastructure that Kiwis want and deserve, we need a change of direction.
“While New Zealand loses its grip on first world status, Hipkins refuses to take any responsibility for the situation. He pirouettes from the COVID excuse to the Putin excuse, but neglects to acknowledge the fact that he recklessly borrowed and spent his way through both – that’s where this mess has come from.
“What this all means is that New Zealand needs a stable ACT-National government more than ever to bring a change of direction to New Zealand’s economy.
“Without savings like those proposed by ACT, it will be impossible for the next Government to balance a budget. Without a balanced budget, more Government spending will only further add to inflation. That’s why Kiwis hard up against their mortgage payments need a fiscal conscience in the next Government, and the fiscal conscience is ACT.
“The choice is clear. Carry on with more of the same and we all get poorer. Or Party Vote ACT for a stable ACT-National government that will fix the economy.”