New Zealand Labour Party

‘One Dollar Bill’ on track to break promise

Government accounts released today show that Finance Minister Bill English remains on track to break his promise to New Zealanders of a meaningful surplus for the 2014/15 year, Labour’s Finance spokesperson Grant Robertson says.

“Yesterday Bill English said a $1 surplus would represent job done for him in delivering on his promise of a meaningful Budget surplus. That is farcical, particularly when the Government accounts indicate that the country is in fact still heading for a deficit north of $300 million.

“While the accounts show some improvement in tax revenues, officials are warning that a slow final quarter last year will mean that improvement will not last through to the Budget.

“Through two election campaigns and numerous Budgets, Bill English and John Key have promised New Zealanders a Budget surplus in 2014/15 as a sign of their economic competence. They have set the test and they are on track to fail it.

“They made this promise fully aware of the impact of the global financial crisis, and they can’t now run away from it,” Grant Robertson says.