Debt platitudes won’t reassure the world

"Hipkins' debt naivety shows what’s at stake in this election: New Zealand's economic independence," says ACT Leader David Seymour in response to tonight's Leaders' Debate.

"Even the prospect of Hipkins being elected has already sunk the dollar, the reality of it will send us broke.

"A left-wing government would not last a three year term. Like Liz Truss, the bond markets would take them out before an election did.

“Christopher Luxon is right that global bond markets are volatile and the world is watching how New Zealand’s next Government manages the economy. Chris Hipkins, meanwhile, showed he has learnt nothing from the last time he was in charge and wrecked the economy,” says ACT Leader David Seymour.

“New Zealand taxpayers are paying more than $1 million an hour just servicing interest on Government debt. That’s money that could be going towards better healthcare, education, infrastructure, or tax relief.

“ACT has been ringing the alarm bells this entire parliamentary term. We’re pleased to see Christopher Luxon now acknowledge the seriousness of the situation, we can work together to balance the books in Government.

“Chris Hipkins, meanwhile, showed that he has learnt nothing from his last time in Government. Labour borrowed and spent billions, leaving taxpayers with a mountain of debt. Now Hipkins wants to return to Government without a credible plan to get spending under control.

“As I warned in a speech to Gravity Credit Management earlier this month, the Kiwi dollar had fallen against all 17 currencies monitored by the Reserve Bank over six weeks. The world is sending us a message about confidence in New Zealand’s economic management, and we need to listen.

“Bond markets aren’t interested in political platitudes. They want to know whether the numbers add up and whether the next Government has the discipline to make difficult decisions.

“ACT is the only party that has published a fully costed fiscal plan to balance the books sooner, pay down debt faster, and do it without introducing new taxes.

“Our plan ends wasteful spending, makes Government smaller and more accountable, and delivers $12.4 billion less debt by 2031 than currently forecast.

“We need to re-elect the Government with a stronger ACT presence to make it go further and faster on getting spending under control, restoring confidence in the dollar, and unlocking New Zealand’s potential.”