12 Sep 2023

Election 2023 updates for 12 September: Hipkins 'pretty pleased' with PREFU, National says it shows 'more pain to come'

3:43 pm on 12 September 2023

Labour leader Chris Hipkins says overall he is "pretty pleased with the picture" the Pre-Election Economic and Fiscal Update (PREFU) shows.

The New Zealand economy was turning the corner after a rough period of time, he said.

"Economic growth is returning, the government's bookings are heading back into surplus and we're winning the battle against inflation.

"The forecasts are showing that unemployment will remain low and there is real reason for optimism about the future of the New Zealand economy and I think the pre election fiscal update shows that," Hipkins said.

"I said when I became prime minister that I wanted to refocus the government on getting back to basics, that we were going to focus on issues like the cost of living, the inflation coming down shows that we're starting to win that battle."

The party had a range of "practical, targeted measures" that would make a difference for New Zealand families, he said.

Meanwhile, National said the economic forecasts show that six years of Labour's economic mismanagement has taken a toll on New Zealand, with "more pain to come".

Leader Christopher Luxon said Labour's high spending meant the economic slowdown would last another 18 months.

"Treasury's latest forecasts show the economy isn't working for Kiwis. The economic slowdown is expected to last for another 18 months, as interest rates stay high for longer in an attempt to combat persistently high inflation driven by Labour's addiction to spending."

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