The Fudge Formerly Known As The Growth Budget
The New Zealand Taxpayers' Union is slamming Budget 2025 as a waste of time and hype, with its team of analysts in this year's Budget left asking 'is that it?'
"Nicola Willis has failed,' says Taxpayers' Union Spokesman Jordan Williams. 'This Budget could easily have been delivered by Grant Robertson."
'Willis promised to tackle the last Government's 'addiction to spending'. Spending is going up as a proportion of the economy in this year's Budget compared to the current year. Core Crown Expenses are forecast to be 32.9 percent in 2025/26 compared to 31.8 percent under Robertson in 2022/23.
'She promised to balance the books. The OBEGAL never gets into surplus according to Treasury forecasts. Willis has had to make up a new measure to exclude the ACC deficit to create an illusion of a laughably small surplus in 2029.'
'And she promised growth. But the headline measure – an accelerated depreciation regime – is basically no better than what the last Labour Government tried immediately after COVID.'
'According to the Budget documents, the Government's headline 'growth' policy adds just 1 percent to GDP over 20 years. It is laughable in its small size.'
'More spending, more debt, and nothing to materially shift the dial and grow the economy. It's not a Growth Budget, it's a fudge-it.
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