Labour will re-build our housing, health and education while responsibly managing New Zealand’s finances, says Leader of the Opposition Andrew Little.
“Under Labour’s Fiscal Plan we will deliver big investments in the services we all need and care about, invest in our long term future and meet the expectation from New Zealanders that we will do so in a prudent and effective way.
“This will be achieved because we have different priorities than National. We are committed to rejecting National’s election year tax cuts that will hand $400 million to the top 10 per cent of income earners.
“Labour’s Fiscal Plan prioritises new investment in housing, health, education, and infrastructure. Our plan will boost the incomes for low and middle income families, create opportunities for our young people, and improve the lives of all.
“Labour will invest $8 billion more in health, $4 billion more in education and $5 billion more for Kiwi families through Working for Families, Best Start and the Winter Energy Payment than the Budget 2017 projections for the forecast period.
“Importantly, Labour will restore contributions to the New Zealand Superannuation Fund to help keep the age of Super at 65. Under Labour’s plan, we’ll double the existing size of the current fund to around $63 billion by 2022.
“This is a credible plan which has been vetted by economists BERL.
“We can continue to run surpluses and pay down debt because, unlike National, we do not believe a tax cut can be justified at this time.
“It is simply not credible for the Government to say that a thousand dollar tax cut for Bill English and me should be a priority over ensuring New Zealanders have homes to live in, modern schools, and world-class healthcare when they need it.
“There is a clear choice for voters this election: National’s tax cut trickle-down economics or Labour’s plan that will provide much more for the services Kiwis need and want prioritised.
“Labour’s targeted Families Package delivers a bigger boost to 70 per cent of families with kids, while costing $2 billion less over four years than National’s tax cuts, so we can also invest in the priorities Kiwis care about.
“Labour’s Fiscal Plan meets all of our Budget Responsibility Rules: it projects continued surpluses, debt down to 20 per cent of GDP within five years of taking office, resumed contributions to the New Zealand Superannuation Fund, stable spending as a share of the economy, and a fairer tax system including a crackdown on multinational tax avoidance.
“By making these choices, we will ensure New Zealand is a better and fairer place for all our people, while balancing the books. This is the positive plan and fresh approach that only a Labour-led Government will deliver,” says Andrew Little.