Prior to the 2023 General Election, New Zealanders were experiencing rising daily living costs, rampant inflation, huge interest rate increases and the Labour Government of the day was not prudent with how taxpayer’s money was spent.
Our economy was stagnant; no matter how hard Kiwis worked and how much they tightened their belts on daily household spending, families were finding themselves going backwards. As the incoming National-led Coalition Government, my colleagues and I knew the strategies we put in place needed to prioritise putting more dollars back into Kiwi’s pockets. Lavish expenditure is a luxury few can afford. In our homes, workplaces, schools, clubs, and public services, we all need to prioritise the need-to-haves over the want-to-haves. Reined in spending and a focus on economic growth is paying off, with measurable results showing our achievements over the last three years.
By streamlining wasteful spending, we have saved Kiwis $50 billion in tax or debt, inflation and interest rates have come down, resulting in homeowners saving thousands on mortgage repayments and rent increases at a 25-year low. New Zealanders have also benefitted from tax cuts for the first time in 14 years, achieved through prudent fiscal management. Eligible families received tax relief of up to $120 per week in childcare costs with our FamilyBoost programme. Every extra dollar gives Waikato families more flexibility in their household budgets for the goods and services they need. When times are tough, we know having those extra dollars make sense. No one enjoys curbing themselves from having the extras they want, yet they know, rationally, that prudence is the right pathway. Our sensible measures throughout our tenure in Government have put New Zealand on track for surplus in 2028/2029, a year earlier than initially forecast. That’s no easy feat and I’m proud of this accomplishment. By prioritising strengthening our fiscal position, the economy is set to grow 2.7% on average over the next four years, provided we stay on this course. More improvement brings more opportunities – investment, business growth, exports, infrastructure projects, and jobs – forecasting the creation of 220,000 additional employment opportunities in that period. More Kiwis working, earning good pay for honest work, is a huge boost for families and local Waikato communities.
In my role as MP for Waikato, and as Chair of the Foreign Affairs, Defence, and Trade Select Committee, I’m proud of the achievements we’ve made securing trade deals which have opened doors to a broader range of global markets. New Zealand’s exports have grown by almost $20 billion, from $94.4 billion to $114.1 billion under our National-led Government, providing vital opportunities for Kiwi businesses and farmers, and supporting the continued growth and strengthening of our economy. Staying on track is key; there’s more work to do to keep improving our economy’s resilience, create jobs, and lift incomes to continue putting more dollars in Kiwi’s pockets. Tim van de Molen – MP for Waikato.
