Thursday, 19 September 2019

Labour's big government economic policies continue to fail

“The economy continues to buckle under the pressure of Labour’s failed, big government economic policies”, ACT Leader David Seymour says.

“Figures released this morning show that the annual rate of economic growth has now declined for four quarters in a row. At 0.2 per cent, the economy is barely growing on a per person basis.

“Falling economic growth isn’t surprising given how difficult Labour has made life for businesses and workers.

“The ban on offshore oil and gas exploration, a significantly higher minimum wage, more taxes and wasteful spending, and the threats of a capital gains tax, 'Fair Pay Agreements', and the Zero Carbon Bill, have put Kiwis on the back foot.

“ACT’s message to Labour is very simple: Stop attacking businesses and workers who are trying to get ahead and make a buck, and instead create an environment in which the economy can thrive.

“Our economy is at a turning point – it’s slowing, and we face a recession in the next 12 months.

“The choices the Government makes now will affect the jobs and wages of many thousands of New Zealanders. We can continue politics as usual and allow the establishment parties to pursue failed, big government economic policies. Or we can give people more control over their lives, allowing them to create new opportunities and supporting economic growth.

“ACT would cut wasteful spending and implement a single individual and company tax rate of 17.5 per cent, introduce a regulatory constitution to tackle red tape, replace the Resource Management Act, repeal the oil and gas ban, restore freedom to the workplace including by reintroducing 90-day trials for all firms, and introduce cashless welfare for long-term beneficiaries.

“That would send an unmistakeable signal that New Zealand is open for business, and would support the creation of new jobs, higher wages, and real wellbeing.”