Labour Party leader Phil Goff says the Government has delivered a "subzero" Budget, saying it freezes New Zealand in time, with its plan to sell off assets to try and balance the books.
The Government laid out its plan to partially privatise four state owned enterprises (SOEs) and reduce its majority shareholding in Air New Zealand during the next three to five years.
[image:2010:third:right]Mr Goff told Parliament the Budget is not a zero budget, but a sub-zero Budget.
"It seeks to balance the books on the back of broken promises and on the flogging-off of $7 billion worth of assets that New Zealanders built up, paid for by their taxes, and which belong to them."
The party's finance spokesperson, David Cunliffe, says the Budget is built on shaky foundations and relies on optimistic forecasts.
The Government expects its books to return to surplus in the 2014/2015 financial year, a year earlier than forecast, partly due to the cuts to KiwiSaver, Working For Families and public service savings.
Mr Cunliffe says the Treasury's estimates of revenue over four years are $3.8 billion higher than the Inland Revenue Department, which collects the money, but the Government is using the higher numbers.
