“…The National Government has dug itself into a hole with poor economic management and poor choices says Greens co-leader Russel Norman -
- while Labour leader David Shearer says it has no plan for building up pools of capital – and investing in the economy.
The rebalancing of the economy which Finance Minister Bill English had rightly identified as needed upon taking office, was not happening, Norman told a pre-Budget press conference yesterday.
He pointed to a deteriorating current account balance – mounting foreign debt – and the contraction in manufacturing output over the last three years.
“We can’t just rely on dairying. \
We need elaborately transformed manufactures.”
The Government had made poor fiscal choices, Norman said.
The 2010 “tax switch” was not in fact revenue neutral – costing $2.2 billion over its first 18 months.
“The Government has disputed this – but has not put up any numbers of its own to refute it.”..”
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