NZ First response to PREFU

Winston Peters with NZ First’s response to the Pre-election Fiscal Update:

Rosy Glow On The Economy Is A Sham

Today’s Treasury forecast puts a rosy and reassuring glow over New Zealand’s economic outlook – as you would expect.

“Look a little deeper and the gloss evaporates,” says New Zealand First Leader and Northland MP Rt Hon Winston Peters.

“Let’s start with what is not in it – namely National’s $10.5 billion ‘Roads of National Significance,’ the $1.2 billion for Dunedin’s new hospital or the hundreds of millions for $18 doctor visits and Auckland commuter rail.

“That’s a $12.3 billion hole of unfunded expenditure that has not been past Cabinet so is not in this Pre-Budget Economic and Fiscal Update.

“In relation to New Zealand’s Achilles heel, the balance of payments deficit, there are no grounds for comfort with permanent deficits locked in due to this immigration-led import obsessed government.

“Messrs English, Joyce and Bridges have predicted doom should migration settings be touched but Treasury obviously did not get the memo. Treasury vindicates New Zealand’s First’s immigration policy.

“Treasury forecasts no economic repercussions with its migration forecast of 20,000 by 2021 and 15,000 by 2022.  This confirms New Zealand First’s view that net foreign migration of around its target 10,000 a year is completely sustainable for our economy.

“There are also some huge bills not included in this document. For example, Auckland’s $6 billion transport black hole, health funding not keeping pace with population growth and many unfunded policy commitments.

“How reliable are Treasury forecasts when a desperate government is raiding the NZ Superannuation Fund for upwards of a billion dollars each year in tax? Not much.  Money that should invested to grow the Fund is being diverted to pay for National’s promises.

“Given the risks in the global system the Budget Economic and Fiscal Update provides no contingency for any shock – natural or in the global financial system.  It is clear the economic cupboard is empty aside from migration and consumption.

“The Treasury forecast shows that underneath the bonnet this economy is barely growing above 1 per cent annually.”

Peters also talked about it in his speech to the BusinessNZ Election Conference yesterday:

SPEECH: “Putting the New Zealand economy first”

Leave a comment


  1. David

     /  24th August 2017

    I am so grateful Winnie will hold the balance of power given he is promising very little extra spending.

    • PDB

       /  24th August 2017

      Peters is (deliberately) confusing policies promised on the election trail to the state of the economy now – those spending commitments he mentions only happen if National become govt again and are nothing to do with the current ‘books’.

      For him to tell such falsehoods suggests the books are actually in very good order.

  2. And who’s going to trust Peters ?
    All those bottom lines, the ‘selling’ of Huka Lodge, Lochinvar Station, retrieve the bodies from dead coalmines…
    When does the ‘NO’ sign go up ?

    • Blazer

       /  24th August 2017

      when dis the things you mention,become his..’bottom lines’…you are are making things up,an unfortunate habit of National supporters.

    • Brown

       /  24th August 2017

      When you ask him to repay money taken illegally.

  3. I know most people think he’s a harmless bit of a laugh, but that is not the case, as shown by Prosser saying it like it actually is in NZF.

    ” Richard Prosser, NZ First’s state-owned enterprises spokesman, told an audience in Wellington that the party planned to bring all the major electricity generating asset under a single “state-owned, state-controlled” company.

    “So if you’ve got shares in Contact, get rid of them now,” Prosser said in prepared comments.

    Asked by a staff member of Mercury, one of the partially privatised electricity companies how the party would fund the policy, Prosser announced the holders would not get the market value.

    “They will be purchased back at whatever they were sold for, and no more.”

    AS DPF says

    ” (This is called) confiscation, as practised in Venezuela. Where the Government takes your property off you and doesn’t pay you market price for it. Let this be a warning for anyone thinking NZ First is an economically rational party.

    No matter what Winnie says in denial, it’s a sign of the absolute mess they’re in policy wise

  4. John Schmidt

     /  24th August 2017

    Since when did Winnie or any of the NZ First cohorts suddenly become economic experts greater than the expertise in treasury. If they sre so good with money and economic matters why is that not reflected in their personal lives.

    • Blazer

       /  24th August 2017

      Since when was Treasury given any credit. .for anything by National supporters? Key dismissed their competence. ..bol.


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