Responding to Opportunity leader Qiulae Wong saying she
would allow
net core Crown debt to exceed Treasury’s prudent debt
limit of 50 percent of GDP, Taxpayers’ Union spokesman
James Ross said:
“By Opportunity’s own claims, its
tax package would cost New Zealanders more than $1,800 per
household a year. On top of that, it wants to blow through
Treasury’s prudent debt ceiling. What does Wong know that
Treasury doesn’t?”
“Treasury doesn’t set these
warnings for the fun of it. We’re a small, trade-exposed
economy with low domestic savings and some of the highest
borrowing costs in the developed world. That headroom is
there to make sure we can keep the lights on when the next
big earthquake, pandemic, or recession
hits.”
“‘Other countries have more debt, so why
can’t we?’ is childish logic. New Zealand’s government
debt is already on track to hit $162,000 per household by
the end of the decade, up from $29,000 in 2008. The interest
bill alone will be nearly $6,000 per
household.”
“Qiulae Wong says refusing to stick
billions more on the national credit card risks New Zealand
going ‘backwards’. Tell that to families already
battling the cost-of-living crisis when the interest bill
lands on their doorstep.”
About New Zealand
Taxpayers’ Union:
The New Zealand
Taxpayers’ Union is an independent and
membership-driven activist group, dedicated to being the
voice for Kiwi taxpayers in the corridors of power. Its
mission, lower taxes, less waste, more transparency,
is supported by 200,000 subscribed members and
supporters.
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