Govt says NZ credit downgrade won't affect policies

05 Oct 2011 01:35p.m.

William wrote:

Who does BillEnglish think he is kidding?Overseas debt in June was $253.9 billion of which $56.8 Billion was government debt $16 billion of which was to fund this governments tax cuts. As for the Private Sector off-shore borrowings it should be noted that they are for the following reasons in good part the result of the National Party governments increase in GST to 15%,increase in ACC levy charges ,increase in the cost of motor vehicle registration, their imposition of emissions trading,ACC,road user and GST charges onto their cost of petrol,diesel and lpg prices and their downgrading of wages to third world levels. This has resulted in a 5.6% increase in the cost of living,an 0.1% increase in wages,a record 7.0% rate of unemployment,household endebtedness of 150% of GDP and a reduction in both our savings and spending capacity. As reflected in the less than 0.1% growth rate in the last quarter New Zealand businesses have become increasing marginalised by these measures and are increasing having to borrow offshore attract foreign investment in order to stay afloat. Indeed if this governments mismanagement of the economy hasnt already put them out of business then doubtless the increase in power prices generated by its proposed firesale of our power companies will. Keep right on Bill Englsh down the road to National bankruptcy.

02 Oct 2011 05:48p.m.

Clarke wrote:

@george surpluses fed the National super scheme under labour.. so I assume you believe National super is a waste of time policy? would have to say not one political party would agree with you on that one. In ten years time pensioners are set to make up 25-30 percent of the voting population. Labour also built up ACC's asset portfolio and paid off remaining external debt owed by former National party governments. you really are oblivious to fact arent you george. National have borrowed 50 Billion dollars in 3 years, thats why we have had a credit downgrade.. because National gave the wealthy tax cuts that are costing us 2.5 Billion dollars per year, they refuse to look at new streams of revenue. And their only policy for gaining more revenue is only going to cover 6 months of borrowing.. in the form of asset sales. National are clueless, as apparently are their followers. National only expects 6-10 Billion dollars from asset sales... that will fix nothing at all and wont repay any of the 50 billion they have already borrowed.

01 Oct 2011 07:47p.m.

george wrote:

This down grade has nothing to do with National. It is a culmination of New Zealanders having a champagne life style funded by a beer budget. Labour are idiots if they keep pointing at National. They ran the country for 9 years with a surplus every year. Where is this money now? It was all frittered away on stupid policies that kept giving and giving to NZers and a huge increase in the public service. Effectively around 50% of NZers are beneficiaries of the state as a result of these policies. Please Labour have a decent look at yourselves and instead of thinking how will we get back into parliament have a real look at what is the best for NZ!!!