If National is elected to Government on October 14, Kiwi families will finally receive relief from the pain of cost-of-living increases that does not come at the expense of an already-under pressure New Zealand economy.
New Zealand should be a country where, if you work hard, you can get ahead.
But after years of economic mismanagement by Labour, topped off by two years of rampant inflation, huge increases in interest rates and a shrinking economy, most Kiwis are going backwards.
The squeezed middle is being left behind. The New Zealanders who work hard, sometimes juggling multiple jobs and family responsibilities, still can’t get ahead because inflation and high tax rates are eating away their incomes.
National’s Back Pocket Boost will increase after-tax pay in 2024 by shifting income tax brackets to compensate for inflation, expanding tax credits to reach more modest income earners, introducing the FamilyBoost childcare tax credit and increasing Working for Families tax credits for working families.
Under National’s Back Pocket Boost, Kiwi’s from all walks of life will be better off. Whether you have children, are a minimum wage earner, or are a superannuitant, there is something in National’s plan that will leave more of your income in your hands.
Our plan is fully costed and will not require cuts to frontline services. Instead, we will reprioritise wasteful spending in areas like back-office functions and an overabundance of consultants, and return taxes raised on climate polluters to Kiwi families instead of giving subsidies to large corporates.
We will also introduce targeted revenue measures, including a 15 per cent tax on foreign buyers purchasing homes worth more than $2 million, ending the commercial building depreciation tax break, closing loopholes on offshore gambling operators to ensure they pay tax, and moving our immigration system to a user-pays system, excluding tourist visas.
National will protect health and education spending and ensure that money goes from the back-office to the frontline. We will increase spending in health and education every year in Government and ensure that this spending delivers improvements for all New Zealanders.
Government agencies and Crown entities excluded from the overall spending reductions include the Ministry of Health, the Ministry of Education, the Education Review Office, Oranga Tamariki, Corrections, Police, Defence Force, NZTA and Kainga Ora.
These agencies will still be expected to reduce wasteful bureaucracy spending, but any savings will be recycled into the frontline. All other agencies will be required to find savings and reduce spending.
People know they can trust National with the economy. It’s been a tough couple of years for New Zealanders, but National will rebuild our economy and reduce the cost of living so that people can get ahead.
National has put together a tax calculator that you can use to work out exactly how much you will benefit from our tax relief plan. You can find it at www.nationaltaxcalculator.com/2023.
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