Inflation up, Growth down - It's the Economy

Monday 16th Oct 2000 Rodney Hide Media Release -- Economy

ACT Finance spokesman Rodney Hide said today that New Zealand is now in the worst of all worlds - with inflation topping the upper limit and the economy for the last quarter shrinking.

“New Zealanders now have less money in their pockets and the things we buy are costing more,” he said.

“This is the stagflation scenario that Reserve Bank Governor Don Brash warned of. It’s time Michael Cullen stopped with the excuses, stopped shooting the many messengers, and worked with business instead of against it.

“His aim should be to cut taxes not raise them and to rid the country of red tape, not increase it.

“It’s well past time that this Government focused on the economy and what its policies are doing to investment, to jobs, and to growth.

“It’s imperative that this Government re-inject some confidence into the economy,” said Rodney Hide.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

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