Books almost $1b worse than expected

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Source: Labour Party – Press Release/Statement:

Headline: Books almost $1b worse than expected

Yet again the Government’s financial statements are worse than expected, raising serious questions about National’s management of the economy and its books, says Labour’s Finance spokesperson David Parker.

“In November, December, January and now February National’s books were worse than predicted. This time around they are $884 million worse, due mainly to lower than-forecast tax revenue.

“For the November and December figures Treasury said there were timing issues. They were given a bit of leeway. But now even Treasury admits it doesn’t know why the books are even more in the red.

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“Somehow Bill English is presiding over a growing economy but not getting the tax revenue that should be coming with it. He needs to explain himself.

“When the economy grows tax revenue should increase. Bill English should have a chat to Michael Cullen on how to run a budget – he ran nine surpluses in a row in the last Labour Government.

“National’s excuses are wearing thin.

“If wages were rising, the tax take would be increasing. This is plainly not happening and hard-working New Zealanders are not getting their fair share.

“Serious questions need to be asked of National’s economic management,” David Parker says.

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