Labour’s mismanagement of the economy is leaving more Kiwis drowning in debt, National’s Finance spokesperson Nicola Willis says.

“Today’s debt arrears data from Centrix confirms that thousands more New Zealanders are falling into debt trouble, crushed by the cost-of-living crisis, high inflation, and higher interest rates.

“Approximately 430,000 Kiwis are now behind on debt repayments, including mortgages, credit cards and Buy Now Pay Later accounts.

“Nearly 1 in 10 Kiwis with a personal loan are now in arrears – the highest level since the data started in 2017.

“This data is an indictment on a Government that has stoked inflation by pumping up spending, choking off immigration and adding costs in every direction.

“Even while Kiwis drown in debt the Government has refused to reduce taxes by bringing discipline to its own spending, instead forging ahead with pet political projects like the $30 billion Auckland Light Rail Project and record spending on consultants and policy advisors.

“It’s incredibly concerning that – with a recession forecast for later this year – hundreds of thousands of Kiwis are already in financial trouble.

“National once again urges the Government to reduce the growing tax burden on hard working Kiwis and let them keep more of what they earn.

“National would adjust tax brackets for inflation; bring discipline to Government spending; stop adding new costs; fix worker shortages and focus the Reserve Bank on meeting a low inflation mandate.

“Meanwhile Labour offers the same old play book: spend, spend, spend, and tax, tax, tax with hard working New Zealanders paying the ever-higher price.”

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