Today's decision to hold the Official Cash Rate (OCR) highlights the risk of Labour's unaffordable spending plans, National's Finance spokesperson Nicola Willis says.
"At 2.75 per cent, the OCR is half the rate it was under Labour. That makes a huge difference to household costs.
"A family taking out a $500,000 mortgage today is about $250 a fortnight or almost $6600 a year better off than it would have been three years ago under Labour.*
"The election of a shambolic four-headed Labour, Greens, Te Pāti Māori, Opportunity coalition would undo those gains.
"National's disciplined spending and economic management has helped bring the OCR down from the 5.5 per cent Labour left behind.
"In contrast, Labour's reckless approach to Covid, the last global shock, saw inflation hit 7.3 per cent, the OCR rise 12 times in a row, mortgage rates skyrocket, food prices rise 12.5 per cent in a year, and rents increase by $180 a week on average.
"Kiwis only need to look to Australia to see the impact a big-spending government is having. The cash rate is 4.6 per cent and tipped to rise next week for the fifth time this year. Both the Australian Reserve Bank Governor and Chief Economist point to federal government spending as a key contributing factor.
"Make no mistake, Labour will put our economy at risk, just like it did last time. But this time, with Chloe Swarbrick as Finance Minister, it will be worse. More reckless spending, more borrowing, more taxes, higher inflation and higher interest rates.
"My advice to New Zealanders is to not give Chris Hipkins and Chloe Swarbrick the chance.
"National's economic plan is working. By stopping wasteful spending and getting the books back in order, we've eased government pressure on inflation and interest rates, while delivering tax relief so Kiwis can keep more of what they earn.
"New Zealand's economy is growing faster than Australia, the UK and the US. Debt is coming down, the books will be back in surplus sooner than predicted, and by sticking with National's plan it is expected that 220,000 more jobs will be created over the next four years and wages will grow faster than prices.
"This is going to be a very tight election, and New Zealanders have worked too hard to go backwards now. National needs three more years to finish the job. On 7 November, stick with the plan that is working. Party vote National."
