National – “Robertson concedes defeat on budget rules”

National’s finance spokesperson Amy Adams has responded to Minister of Finance Grant Robertson’s announcement yesterday that the Government core debt target would change to a range (see Grant Robertson: shift from net debt 20% target to 15-25% range).


Robertson concedes defeat on budget rules

Finance Minister Grant Robertson has today thrown in the towel by scrapping his self-imposed debt target, National’s Finance Spokesperson Amy Adams says.

“Grant Robertson has been backed into a corner by allowing the economy to slow, over promising and making poor spending choices. Now, instead of a fixed target Grant Robertson has lifted the debt limit by 5 per cent. That loosens the purse strings by tens of billions of dollars.

“This is a blunt admission the Government can’t manage the books properly, it is not wriggle-room. This makes the fiscal hole look like a puddle.

“You can almost guarantee that means debt at the upper end of the range of 25 per cent. This is an admission of defeat from a Finance Minister who has repeatedly used these rules to give himself the appearance of being fiscally responsible.

“This decision will mean billions of dollars more debt because the Government can’t manage the books properly and wants to spend up on big wasteful promises in election year.

“This will pay for things like Shane Jones’ slush fund, fees-free tertiary and KiwiBuild – in other words, it’s wasteful spending.

“Debt isn’t free. It will have to be paid for by higher taxes in the future.

“The debt target is the latest broken promise by the Government as the ‘year of delivery’ continues to be an embarrassing string of failures.

“It took the last Labour Government two terms to lose its fiscal discipline. This Government has given up in 18 months. This confirms you simply can’t trust Labour with the economy.”

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24 Comments

  1. David

     /  24th May 2019

    Robertsons problem is that its low quality spending that is increasing, spending which seems of very little benefit economically or any other way.
    Foriegn affairs, Jones,s slush fund, Twyfords buying of existing spec houses, inflation busting pay rises, the fees free tertiary bribe, power payments for millionaires, baby payments for the wealthy. National had its moments too but because it was a more business friendly and competent administration the private sector kept things ticking along with some confidence, Robertson dosnt have that backstop.

    Reply
    • I like your phrase “low quality spending”. It exactly sums up labour’s programme. In fact poor quality can be applied to pretty much everything about Labour.

      Reply
  2. Blazer

     /  24th May 2019

    this is treasury advice 15-25%.

    The IRONY OF NATIONAL is unbelievable…they borrowed more in 9 years than the cumulative total of ALL govts in NZ’s history!

    Reply
    • Trevors_Elbow

       /  24th May 2019

      I was waiting for you starting on your theme of NATIONAL BORROWED.

      What else could they have done – NZ in a recession then the GFC and international commerce retrenching – NZ Governments income tanking…. Should they have cut social services a la the UK and austerity?

      You have never answered that question – because you know your meme is a baseless political piece of fwittery…

      Robertson has had surpluses generated by Nationals management of the NZ economy and the Governments books as his starting point – and he cant do anything but spend more and borrow. he is a bust and you know it…

      Reply
      • Blazer

         /  24th May 2019

        perhaps you could enhance your own credibility by pointing out exactly where this Govt has gone wrong!
        Also bear this in mind…

        ‘New Zealand’s current debt to GDP ratio at 19.9%. By comparison Australia’s is 40.7%, Germany is at 60.9%, the United Kingdom is at 84.7%, the US at 105.4% and Japan is at an eye watering 253%’

        Reply
        • Trevors_Elbow

           /  24th May 2019

          Perhaps you can FINALLY answer the question directed oat your ongoing whining about National borrowing to make sure pensioners got their cash and hospitals stayed open?

          You never do, you never will – and you will resorted but, but and diversion.

          Just like Cullens last term this lot are eroding business confidence, throwing money at policy with no measures, have a key policy like Kiwibuild which is a complete bust 18 months in etc etc

          Answer the question about what should have been cut by the Key/English ministry when the GFC hit so they didn’t have to borrow….not holding my breathe as this question has been asked of you numerous times and you all ways slink off topic and avoid answering.

          i

          Reply
          • Blazer

             /  24th May 2019

            you pose a ludicrous question,because it is theoretical and any proposition of what may or may not have resulted is irrelevant.

            Business confidence is hardly a reliable measure.
            As we know re the GFC…’NO ONE SAW IT COMING’.

            Basically you are a dyed in the wool extreme right wing type ,who believes in elitism and inequality and proffer all the worn out clichés when any policy challenges your indoctrination.

            Reply
            • The problems include Grant borrowing billions to help Shane win a seat in Northland. It’s bulls**t borrowing. National borrowed to rebuild Christchurch. Different story.

            • Blazer

               /  24th May 2019

              National borrowed to rebuild Christchurch.’

              so the state rebuilt Christchurch…private enterprise was sidelined?

              As for insurance…how efficient was the ‘free market’?

            • Duker

               /  24th May 2019

              Christchurch rebuild Government ‘extra’ money was around $10 bill. The EQC and their reinsurers money isnt counted ( EQC had just under $9 bill of its own funds) , nor is the Insurance sector.

              The GFC ended years ago ….. well before the 2014 election, even so national continued borrowing, helped of course that the markets saw the Cullen fund at over $30 bill as an ‘asset’ – along with the ACC fund which is $30 bill or so as well. Can they tap into those for every day spending when it goes pear shaped – I dont think so
              Gross debt isnt so pretty when those ‘lockbox’ funds arent included.
              eg Australia didnt have anything similar for Federal government, states might have ACC type funds, which the Federal government cant touch

              BTW The money into Cullen Fund has resumed under Robertson – nest egg for the future.

            • Trevors_elbow

               /  24th May 2019

              Oh look no answer again.

            • Trevors_elbow

               /  24th May 2019

              Oh and look as well as not answering you go ad hominem in response. Nice Blazer goid to see you dont change.

            • Blazer

               /  24th May 2019

              @Trevor…I have answered you ,you just don’t accept or like the ..answer.

            • Trevors_elbow

               /  24th May 2019

              No. You haven’t answered… you criticize what was done then say its ridiculous to discuss the theoretical…. a classic double down non answer…..

            • Blazer

               /  24th May 2019

              @Trevor..I stated a fact.
              Duker reveals only 10 bil was used by the Govt re Christchurch.

              What was the other 70 bil for?
              Not forgetting we had a ‘rockstar’ economy!

            • Duker

               /  24th May 2019

              Something like $20 bill was borrowed after the 2014 election- long after the GFC ended. As well there were billions in Private Fianance projects – schools hospitals highways.
              For example the Transmission Gully motorway will cost the government $15 per vehicle each way once it opens, if there is a toll it would be unlikely to be more than $3 each way. Could be $20 per vehicle for the Holiday highway north of Puhoi as the volume of traffic is lower.

  3. Zedd

     /  24th May 2019

    I listened to Amy Adams (Natl Fin.), whining about how this Govt. has ruined all the hard-work they did to put the economy into surplus. She perhaps thinks that folks have forgotten that; Labour under Clark-Cullen had surpluses every year, prior to their regime & they only achieve 1-2 in 9 loooong years under Key/english.. (still constantly going on about the ChCh quakes & the GFC.. as the reasons) instead they preferred to increase GST & give bigger tax-cuts to the wealthy.
    Natl claim they are the ‘better’ financial managers of the economy. HA HA
    Only if that means ‘Mind the GAP’ & make the rich even richer & move the bigger tax burden to the poorest ?! 😦

    … BUT you cant fool all the people.. ALL the time ! 😀

    Reply
    • So, if you’re happy with Labour’s borrowing you’ll also be happy when National splash billion dollars on Ngaro to buy him a seat in Manukau so they have a partner to give them another nine loooong years?

      Reply
      • Corky

         /  24th May 2019

        Arty..a traditional blue holster for a brown boy is political gold.

        Reply
      • Blazer

         /  24th May 2019

        where will National get the billion from?
        Dr Jiang!

        Reply
      • Duker

         /  24th May 2019

        Arty , the PGF is spread all around the ‘forgotten’ provinces. Gisborne, Southland West Coast all getting money, often infrastructure including roads, railways , airports, harbours.
        Will upgrades for Whanganui’s port help an MP in Northland ?
        labour had a PGF in its election policy too- watch national copy this before next election.
        Splashing the cash for ‘ rural/ provincial areas certainly was a big help for Scott Morrison

        Reply
      • Zedd

         /  24th May 2019

        what a load of nonsensical DRIVEL… from artycroft… more worthy of corky

        Reply
  4. Kitty Catkin

     /  24th May 2019

    I heard two idiots today talking about how this and that thing wouldn’t cost the government much…it sounded as if they had no idea that the government HAS no money. It’s the taxpayers’ money and is finite.

    Reply
  1. National – “Robertson concedes defeat on budget rules” — Your NZ – NZ Conservative Coalition

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