National fought the election on the economy and the cost of living, and it fought hard. Labour had taken on too much debt! All its reckless spending was driving up prices! The interest rate hikes to correct this were sending the nation into recession! This economic vandalism was hitting hardworking Kiwi families in their back pocket! The government's books were worse than they appeared!
Week after week, Christopher Luxon and Nicola Willis alleged that Labour had cooked the numbers: infrastructure commitments weren't properly funded; major ongoing costs like the school lunches programme had been temporarily accounted for by diverting money from the emergency Covid relief. In its pre-election fiscal update (Prefu), Treasury predicted at least three years of deficits. Willis famously demanded of Grant Robertson, "How big is his [fiscal] hole?"
A National government would fix all that. It would address the cost-of-living crisis in its first Budget by delivering $14.6 billion of tax cuts over four years, Working for Families extensions and tax credits, most of which would trigger on July 1 this year. This would be funded by a combination of savings and new revenue measures. They swore they could still get the country back to surplus and that there definitely wouldn't be any new taxes to pay for it all. There would be spending cuts but not to front-line services.
Nearly every economic commentator in the country expressed scepticism about the affordability of National's extravagant promises but Luxon and Willis refused to release their modelling, reassuring the nation that the numbers were "rock solid".
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
First-world problem
Harrowing tales of migrants attempting to enter the US highlight the political failure to fully tackle the problem.
Applying intelligence to AI
I call it the 'Terminator Effect', based on the premise that thinking machines took over the world.
Nazism rears its head
Smirky Höcke, with his penchant for waving with a suspiciously straight elbow and an open palm, won't get to be boss of either state.
Staying ahead of the game
Will the brave new world of bipartisanship that seems to be on offer with an Infrastructure Commission come to fruition?
Grasping the nettle
Broccoli is horrible. It smells, when being cooked, like cat pee.
Hangry? Eat breakfast
People who don't break their fast first thing in the morning report the least life satisfaction.
Chemical reaction
Nitrates in processed meats are well known to cause harm, but consumed from plant sources, their effect is quite different.
Me and my guitar
Australian guitarist Karin Schaupp sticks to the familiar for her Dunedin concerts.
Time is on my side
Age does not weary some of our much-loved musicians but what keeps them on the road?
The kids are not alright
Nuanced account details how China's blessed generation has been replaced by one consumed by fear and hopelessness.