Government fails to cut down on debt despite higher tax revenue

The Government has released its financial statements for fiscal year 2024 yesterday. Its financial statement saw a 1.8% increase in net core crown debt and interest charges (total charges more than $10 million dollars) despite higher tax revenue. They assert the higher levels of revenue were caused from ‘higher levels of inflation’.

Commenting on this, Taxpayers’ Union Communications Officer, Alex Emes, said:

“This is not a good look for this government’s first financial statement. They were elected on a promise to deliver real tax relief during a cost of living crisis that hardworking Kiwis are facing every single day.

“The numbers show that, while everyday New Zealanders have been struggling to meet the new realities caused from inflation, this Government has profited more than $14 million dollars. This is proof that their July milk toast tax relief just wasn’t enough.

“During a time of increased profits on the backs of the working-class, the Government has increased spending even more than its predecessor. Instead of higher revenues, greater debt and more interest on the back of taxpayers, it’s time the Government turns the table and delivers meaningful tax relief.”