Thursday, July 18, 2024

Labour delivers ‘Blowout Budget’

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Botany MP and National Party leader Christopher Luxon, left. File photo supplied
  • By Christopher Luxon, Leader of the Opposition and MP for Botany

Last week, the Labour Government unveiled their Budget which outlines how the Government intends to spend taxpayers’ money – and what a disappointment it was.

Prime Minister Chris Hipkins promised a bread-and-butter Budget, but instead delivered a spending spree creating a massive increase in deficits and debt climbing for years to come.

This excessive spending will affect many New Zealanders and hit them right where it hurts – their back pockets.

Kiwis are already paying the price for Labour’s addiction to spending.

Treasury has confirmed that Labour’s excessive spending will mean interest rates are higher for longer, which means no reprieve for Kiwis at the supermarket, with their rents or mortgages.

Interest repayments on a $500,000 mortgage fixed just two years ago are up $700 a fortnight. That’s over $18,000 extra a year for new homeowners to find.

But it’s not just homeowners. Rents are up $160 a week.

That’s over $8000 extra a year that renters have to find in their budget.

And in the five-and-half years of this Labour Government, food prices are up a massive 28 per cent.

Everywhere I go around the country I hear how New Zealanders are struggling with the cost of living.

I think about the family who stopped the kids’ swimming lessons so they can afford the groceries.

I think about the Auckland bricklayer who works incredibly hard for his family who pay their bills on time but are still struggling with the rising interest rates on their home.

$5 off prescriptions and free bus rides for under-13s is not going to help.

New Zealand can’t afford another three years of Labour.

There are 20,000 families already in mortgage arrears who can’t afford another three months!

What would have helped people was some tax relief, but New Zealand is going to have wait for a National Government to get that.

A National Government would have delivered inflation-adjusted income tax thresholds for all workers, which would see a family with two parents on the average wage – for example a nurse and a teacher – paying $1600 less in income tax each year.

We would have implemented our FamilyBoost Childcare Tax Rebate, which gives low-to-middle income families $75 back a week – or $3900 a year – to help pay for childcare.

New Zealand needs a National Government that can grow the economy because that’s how we can afford and deliver higher incomes, better roads, better hospitals and better schools.

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