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Read online www.iwk.co.nz Friday, <strong>23</strong> <strong>Sep</strong>tember, 2022<br />
NEW ZEALAND 9<br />
Labour, National lock horns<br />
over state of economy<br />
VENU MENON FROM THE<br />
PARLIAMENT PRESS GALLERY<br />
Acting Prime Minister and Minister<br />
of Finance Grant Robertson raised<br />
his decibel level to drown out the<br />
heckling from Opposition benches while<br />
defending the Labour government’s<br />
fiscal policy in Parliament on Tuesday.<br />
New Zealand’s public debt remained<br />
under 20 per cent of GDP, Robertson<br />
claimed.<br />
“Our level of national debt is lower<br />
than what National left us,” Grant added,<br />
while forecasting a surplus in the 2024-<br />
25 fiscal year.<br />
Robertson told the house he was<br />
hugely optimistic about the NZ economy<br />
that had been resilient through Covid.<br />
He claimed the prospects were strong<br />
with borders reopening and tourists<br />
and international students returning.<br />
Exporters were continuing to earn.<br />
However, National Party finance<br />
spokesperson Nicola Willis hotly<br />
contested those claims.<br />
Referring to the Appropriation<br />
(2022/<strong>23</strong> Estimates) Bill, which had its<br />
third reading in Parliament, Willis said:<br />
“We see the biggest spending Budget in<br />
NZ’s history.”<br />
She said real wages had declined by<br />
3.7 per cent in the past year. Prices<br />
were rising in NZ at the fastest rate they<br />
have in 32 years, while wages were not<br />
keeping up.<br />
Willis claimed the government’s<br />
budget failed to address the drivers<br />
behind the cost-of-living crisis.<br />
She drew attention to the bungling<br />
over the recent cost- of-living payments<br />
of $350 made to more than 6000 New<br />
Zealanders living overseas.<br />
Willis listed a litany of government<br />
failures, including the Three Waters<br />
Reforms, the long waiting times for<br />
emergency treatment, fewer elective<br />
surgeries, fewer children attending<br />
school, declining numeracy and literacy<br />
rates, state housing waiting lists<br />
quadrupling, “and 4000 families putting<br />
their children to sleep in a motel room.”<br />
Willis concluded that government<br />
spending was out of control with plans<br />
to spend $51 billion more this year than<br />
the National Party did in its last year of<br />
government.<br />
This represented a 70 per cent<br />
increase in spending, she said.<br />
It was left to David Parker, Minister<br />
of Revenue, to fend off National’s<br />
onslaught.<br />
He disputed Willis’ figures, saying<br />
government spending stood at 31.6 per<br />
cent of GDP.<br />
Parker added in 2013 government<br />
spending was 32 per cent of GDP under<br />
the National government after five<br />
years.<br />
“Vaccine and mask mandates have<br />
gone and the trees are blooming.”<br />
Parker highlighted the low<br />
unemployment rate of 3.3 per cent<br />
while admitting inflation was high. “But<br />
in Europe it’s higher.”<br />
He cited Stats NZ figures to show<br />
median weekly earnings from wages and<br />
salaries grew 8.8 per cent in the year<br />
2022.<br />
Parker said the country’s net debt<br />
was lower than Australia, the US, Japan,<br />
the UK and Europe, and peaked on a<br />
net debt basis at less than 20 per cent<br />
of GDP, a “stunning result for NZ that<br />
shows prudent fiscal management.”<br />
Parker touted figures to show exports<br />
were up.<br />
Notwithstanding Covid, merchandise<br />
exports rose while primary sector<br />
exports have for the first time crossed $<br />
15 billion. “We enabled productivity and<br />
supply lines to be maintained.”<br />
With claims, counter claims and<br />
disputed figures bandied about in the<br />
House, it was clear the last word had not<br />
been said on the state of the economy.<br />
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