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National made the same mistake in its economic plan. She misjudged how much she would save by cutting New Zealand Super Fund contributions, because she also used the outdated figures from May, resulting in a $ 4 billion fiscal hole.
National is disputing claims of another $ 4 billion hole, after it appears to have double-counted transportation funding when allocating money from the New Zealand Improvement Program, even though that program no longer exists.
National’s Paul Goldsmith says the hole would be plugged by spending more from the National Ground Transportation Fund, which collects about $ 4 billion each year from fuel taxes and road user charges.
Ardern said on Monday that political parties cannot be “more cautious” when campaigning, especially when New Zealand is in an economic recession.
“We are here in the middle of a campaign that will focus on our economic recovery and my speech to New Zealanders is that we cannot risk changing course at this time, especially when the two opposition parties in this campaign have $ 8 holes. billion that I can’t account for, “he said.
“That, to me, says that their economic plans are risky.”
Labor finance spokesman Grant Robertson said it shows the risks a National-ACT coalition would pose to New Zealand’s economic recovery.
“As the prime minister already said, the opposition parties now each have an $ 8 billion hole. They have to be able to come up with a credible plan. They have not reused the correct numbers, there are some very questionable assumptions here. . “
ACT leader David Seymour said opposition parties have been forced to keep up with rapid Labor spending.
“Our figures were correct at the time they were released. This is the problem with Labor: They are spending money so fast that no one can keep up. We need to get rid of them before they ruin the country.”
Labor has been grappling with its own mistake, after it published its economic plan with a $ 140 billion typo, due to an error in a graph where it should have shown debt as a percentage of GDP rather than in terms. of dollars.
Before Labor published a fixed version of it, the plan showed around $ 56 billion of debt in 2025-2026, even though the Government began the COVID-19 crisis with that same debt. In reality, the debt is expected to reach more than $ 200 billion by 2024.
“They absolutely pulverized us for a $ 4 million mistake, but they made a $ 140 billion mistake and there seems to have been no response, so we are working in a strange environment,” said National deputy leader Gerry Brownlee. to Magic Talk.
Goldsmith has also pointed out that the Labor tax plan has not included costs or funding for two expensive election promises, hydroelectric pumping and light rail from Auckland CBD to the airport.
“Pumping hydropower has estimates starting at $ 4 billion. However, it is not mentioned in the Labor brochure,” he said last week. “Workers cannot have a policy that targets 100 percent renewable electricity by 2030 without a clear plan for getting there and how it will be paid for.”
Goldsmith was referring to Labor’s promise to advance a hydroelectric pumping scheme at Lake Onslow, which has been identified by experts as the renewable project most likely to address New Zealand’s dry year needs.
The promise came as part of Labor’s plan to have 100 percent renewable energy by 2030, moving it forward five years.
“No final decision has been made, no cost calculations have been made, so it would be very unusual to deposit a project that at this stage does not have any of those details attached, nor any agreement on whether that project will be what we leads to that aspiration, “Ardern said.
He said it is “totally” within expectations of what the Treasury would do.
“I think National knows very well what they are saying here about what should be accounted for in the meantime is wrong, because in their logic they have a significant hole in their own budget,” Ardern said.
“Just last week I saw posters announcing their commitment to the second port crossing. I don’t see that being factored into their budget.”
A National Party spokesperson confirmed to Newshub that $ 5 billion has been allocated in the first decade for their promise of a second Auckland harbor crossing. It is part of National’s $ 31 billion 10-year infrastructure package, with the intention of starting work in 2028.
ACT wants to get New Zealand out of debt by ending KiwiSaver contributions, stopping the first year of free college, and canceling Best Start payments for families with newborn babies, among others.
“The only path that is possible for National is through ACT, so both National and ACT have to take responsibility not only for the mistakes they made, but also for the cuts to public services that would be necessary,” he said. Robertson.
National has promised to keep Best Start and the winter energy payment, but would spend less than Labor to try to reach its goal of 36 percent of GDP by 2034, compared to Labor, which at that time will borrow 48 percent of the public. GDP.
The latest Newshub-Reid Research poll shows Labor at 50.1 percent, National 29.6 percent and ACT at 6.3 percent.
