Debt lower than expected, but wasteful spending still holding economy back

“Financial Statements of the Government released today are good news for Kiwis, and provide more assurance the economy is turning around,” says ACT Leader Seymour.

“Debt is $3billion lower than Treasury forecast in their May Budget and Fiscal Update. This comes as a welcome break for Kiwis who have had more than their fair share of economic doom and gloom in recent years.

“For ACT this means we’re closer to where we want New Zealand to be, but the game plan doesn’t change. If we are going to unlock New Zealand’s potential, the Government needs to continue spending less and letting Kiwis do more without red tape getting in the way.

“New Zealanders are working hard, but their efforts won’t translate into better paying jobs until our economy is growing consistently, alongside productivity and wages.

“We will not unlock New Zealand’s potential while we are borrowing more to pay interest on the debt we already have. New Zealand needs a path to real, sustained surplus. That means continuing to find savings year after year and building a government that is smaller, more efficient, and capable of balancing the books.

“Taxpayers will benefit from a government that takes less of what they earn, interferes in their lives and businesses less, and returns to surplus faster. More productivity, more jobs, higher wages, and better public services all start with the Government finally accepting it must do fewer things, do them better, and stop wasting taxpayers’ money.

“ACT has driven the change that has helped get New Zealand back to surplus a year earlier than expected. The Government has not gone as far as ACT would alone in reducing spending, but it has gone a lot further than it would without ACT.

“If we want New Zealand to be the best little country in the world, we need a smaller, more efficient government that focuses every dollar on results. That is how we make life more affordable, rebuild trust in public services, and unlock New Zealand’s potential.”