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Labour’s fiscal plan updated for election

Labour’s Fiscal Plan, updated following last week’s pre-election opening of the Government’s books, shows Labour will deliver a significant investment in core public services while responsibly managing the country’s finances, says Labour’s Finance spokesperson Grant Robertson.

“Labour will invest in better education, affordable housing, greater access to health services and lifting children out of poverty, and we’ll do so without increasing income tax.

“The updated Fiscal Plan today confirms our priorities, and our commitment to a credible and responsible management of the public finances.

“Now that we’ve seen the Government’s books we’ve refined our plan to deliver a better deal for New Zealanders.

“The plan sees Labour investing an additional $8 billion into health, $6 billion into education and $5 billion into families over the forecast period.

“Labour’s Tertiary Education policy announced today, including delivering the first year of three years free post-secondary education in 2018 and boosting student allowances by $50 per week, is an example of Labour’s commitment to a progressive and inclusive future.

“We can afford to do this because we have rejected National’s tax cuts. Now is not the time for tax cuts that would give $400 million to the top 10 per cent of income earners.

“Labour’s spending commitments have all been fully costed and can be delivered in line with our Budget Responsibility Rules.

“These rules include running sustainable surpluses, reducing net core crown debt to 20 per cent of GDP within five years of taking office, and prioritising long term investments, such as re-starting contributions to the Super Fund.

“As with Labour’s original Fiscal Plan released in July, this plan has been analysed and vetted by independent economic agency, BERL.

“Voters have a clear choice this election between a tired National Party, bereft of ideas and running out of steam, or an energised Labour Party ready to deliver a better and fairer New Zealand,” says Grant Robertson.