The Pre-Election Fiscal and Economic Update is out. It shows that National has broken its promises on the economy once again.
Five months ago, they were promising growth would hit 4% in the year to March 2013, which starts on April 1 next year. Now, they’re already slashing that much-hyped promise to 3.4%. What’s the bet those projections get slashed again next update if National wins?
Every year, our international debt will grow if there isn’t the kind of fundamental reform National shies away from in favour of handouts to the rich.
Under National, we are under-performing woefully and their only response is to continue to promise that brighter future is just around the corner. Time for parties with real plans: Labour and the Greens.
Btw, Treasury finalised these numbers over a month ago before the double downgrade. So, like always, Treasury’s numbers are hopelessly out of date before they are published and don’t account for the hundred million or so a year in extra borrowing costs.
Oh, and the numbers still don’t account for the lost dividends if our assets are sold, despite booking the revenue of those sales already.