Labour will grow the economy, get the books back into surplus and make sure hard-working New Zealanders can get ahead.
"New Zealand should be a country where hard work gets you somewhere. Where you can get ahead, put down roots and know your kids will have opportunities here," Labour Leader Chris Hipkins said.
"National came in promising to fix the economy. Instead, unemployment is up, businesses are struggling and everything costs more.
"Labour will get the books back into shape but we won’t do it by making life harder for New Zealanders or cutting the services they reply on. You can’t cut your way to growth.
"We’ll invest in the things that make New Zealand stronger – our hospitals and schools, infrastructure, skills and the businesses that create jobs.
"New Zealand has enormous potential. Our job is to back the people and businesses that can realise it, while leaving the country stronger for the next generation," Chris Hipkins said.
Labour will:
Balance the books and return to surplus. Return to original measure of OBEGAL, achieve surplus by 2029/30 and maintain a sustainable fiscal position over the forecast period.
Bring down debt. We will aim to reduce net debt down to 20% of GDP over time and prioritise investments which support a strong growing economy.
Keep government spending and revenue sustainable. Core Crown Expenditure and revenue will be maintained at around 33% of GDP when the CGT is fully implemented.
Strengthen scrutiny of Government spending by establishing an independent Parliamentary Budget Office to analyse Government finances and election commitments.
Restore the Reserve Bank dual mandate to consider price stability and maximum sustainable employment.
"Labour will be responsible with taxpayers’ money, balancing the books and bringing down debt, while giving New Zealand the capacity to invest in its future," Labour finance and economy spokesperson Barbara Edmonds said.
"Labour will return the books to surplus by 2029/30 and reduce net debt over time but we won't do that by cutting the foundations of our economy.
“Under National unemployment is at an 11-year high, business liquidations are up 71%, homelessness and KiwiSaver hardship withdrawals are at record levels, and public services are under pressure. That isn’t economic success.
"Strong public services are an investment in New Zealand’s future. Labour will make every dollar count, invest where it matters and back the people and businesses that can grow our economy," Barbara Edmonds said.
