A new report shows just how much damage the Government’s naïve oil and gas ban will do to the economy and to New Zealanders’ back pockets, says ACT Leader David Seymour.

Economic consultancy NZIER has found the policy could cost the economy up to $30 billion by 2050 and cost 3000 jobs but will have an “undetectable” contribution to reducing global emissions.

“The oil and gas ban is one of a multitude of nice-sounding but naïve, hard-left policies that will make New Zealanders worse off.

“A capital gains tax, industry-wide collective bargaining, and the highest minimum wage in the OECD, among various other proposals, will hurt the very people they are trying to help.”

“The oil and gas industry creates thousands of jobs, contributes $2.5 billion to the economy and $500 million to the government in royalties each year. Not only will this policy make us poorer, it will drive production of oil and gas overseas, harming the environment.

“The decision to ban offshore exploration was made without cost-benefit analysis or consultation – it was ultimately a political decision that was intended to make people feel good.

“Jacinda Ardern recently ‘recalibrated’ the KiwiBuild programme. This ban will be significantly more destructive than Phil Twyford’s tinkering. If there is a policy that needs remedying, it’s this one.”