New Zealand’s major parties have promised voters cost-of-living relief if they win Saturday’s general election, but there is one major obstacle – a central bank that says borrowing costs must stay high and growth subdued for some time to rein in inflation.
Christopher Luxon, Leader of the National Party, speaks at the New Zealand National Party’s election campaign launch in Auckland, New Zealand, September 3, 2023. REUTERS/David Rowland/File Photo, but there is one major obstacle – a central bank that says borrowing costs must stay high and growth subdued for some time to rein in inflation.
Much of this is beyond the immediate fix of any government, yet there will be expectations for the incoming-administration to ease financial pressures on families and businesses.forecasts three more years of deficits but because the central bank has warned any fiscal stimulus will make the inflation battle more difficult.
Polls show that National will likely get the largest share of the vote but will need to partner with at least one party to form a government. The country'sNational has pledged to tackle the rising cost of living by cutting income taxes. It says the plan can be funded by taxing foreign buyers of any NZ$2 million-plus house. The opposition argues that would be insufficient to cover proposed tax cuts.
Labour, on the other hand is promising to reduce the 15%goods and services tax, on fruits and vegetable being sold in New Zealand. It has already implemented plans such as removing prescription fees, bringing in cheaper and free public transport and boosting childcare support.The biggest challenge for many New Zealanders is mortgage rates. The country’s households owe NZ$346.4 billion in home mortgage debt and loans in arrears now total NZ$1.3 billion, up 65% on 12 months ago.
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