National Spells Out Budget Rules to Tame Debt and Boost Economy

Finance spokesperson Nicola Willis has announced that a re-elected National Government will commit to three Budget Responsibility Rules to protect New Zealand's economy. The rules aim to return the country to surplus by 2028/29, keep debt below 40% of GDP, and maintain taxes low by right-sizing government.

The National Party claims that their economic recovery is underway despite global challenges, but would be put at risk with Labour's plans for more spending, taxes, and borrowing. The rules reflect a more volatile world where international ratings agencies are watching New Zealand's books closely, according to Willis.

She criticized Labour's response to the Covid crisis, which was to significantly ramp up spending, creating a new cost of living crisis. National argues that their approach is in direct contrast to Labour's and would build a stronger economy with more jobs and opportunities for New Zealanders.