New Zealand Labour Party

Surplus: The biggest broken promise ever

Bill English has failed to deliver on his double-election campaign promise of a surplus by this year, instead delivering seven deficits out of seven budgets, says Labour’s Finance Spokesperson Grant Robertson.

“The Government spent seven years and two election campaigns promising a surplus to New Zealanders this year. During last year’s election campaign John Key repeatedly told Kiwis the books were already in surplus. He was wrong and completely misled the public.

“This is the biggest broken promise ever. National has known it was coming for months, trying to soften up the public and even removing the promise from their campaign material.

“Surplus this year was the litmus test National set itself to show it was a good economic manager. They have failed their own test.

“Not only is this years’ surplus a dead duck, the surplus for next year is beginning to look under threat, especially with a $7 billion economic black hole opening up thanks to the fall in dairy prices.

“That could mean Bill English will deliver eight deficits out of eight budgets. That looks terrible compared to the last Labour’s Government’s record of nine surpluses in nine budgets,” Grant Robertson says.