Labour’s latest spending binge would leave Phil Goff borrowing an extra $16.6b more over the next four years than is laid out in the PREFU statements, according to updated estimates released this morning by National Party Campaign chair Steven Joyce.

“Labour wants to borrow billions more at precisely the time when the world is saying no to more debt.  They are trying to hide it by saying they will lift the Super age, but even if they did, there would be no savings from that until it starts kicking in in 11 years time in 2022,” says Mr Joyce.

“So Labour wants to force Kiwis to work two years’ longer as a figleaf to cover for the reckless and panicked promises it has been making in the run-up to November 26.

“Make no mistake, Labour’s recipe would mean we would owe our future.”

Mr Joyce says the updated figures are laid out in a new website administered by the National Party and officially launched today, called www.oweourfuture.co.nz.

“Just yesterday we released figures showing Labour had reached $9b extra spending over the next four years.  Labour’s spending commitments in its so-called ‘savings’ announcement would leave Kiwi taxpayers an extra $7b in debt by 2015/16.”

Mr Joyce says the www.oweourfuture.co.nz website will be updated as new Labour spending promises are made, and there have been a number of changes already.  The website is taking a deliberately conservative approach to estimating the cost of the spending promises that Labour has been making.

“We’ve generously taken an optimistic view of how much would be raised by Labour’s vague new taxes, which include a capital gains tax, and a GST package, that not even Labour can explain.

“These estimates don’t include a large number of smaller promises that Labour MPs have made over the past three years and we’d welcome public help where promises have been made and are not included in our estimates.”

Mr Joyce says National deliberately chose www.oweourfuture.co.nz as a platform given Labour’s similarly named website.

“The name illustrates the point that Labour wants to borrow and spend billions of dollars New Zealand doesn’t have today, then hopes unexplained new taxes and savings in the never-never would somehow cover the cost,” says Mr Joyce.

Related Document: The cost of Labour’s Borrowing