Here is the press release from the Key
We have been monitoring the build-up in problems in the financial markets over the past several months, and particularly in recent weeks, and the scale of intervention by other governments.
I received a briefing from the Reserve Bank on Sunday.
I am satisfied that its current plans are sufficient at this stage to maintain confidence in the New Zealand financial system over the coming months.
good to see that key has some faith in Bollard
Should it become necessary, however, my colleagues and I are committed to working with the Reserve Bank to ensure financial stability.
Excellent - work with not tell what to do - a major departure from the Labour NZ First Axis.
National is further concerned by the projections outlined in yesterday's opening of the government books, and the current outlook for New Zealand's long-term growth prospects.
Yesterday was final proof that New Zealand can't afford another decade of Labour's loose economic management.
What Labour has done is shameful and deceitful
If New Zealand is to avoid the Treasury's projected decade of deficits we simply must focus our attention on growing the economy.
Only a strong economy will guarantee financial security for families, well paid jobs in New Zealand for our young people, and larger superannuation payments for our older people.
Good that's what we need strong talk - decisive leadership
Turning the economy around will not be easy.
In the past nine years economic growth has been fed by easily available credit.
Those days are over.
yes Labour has not spent on policies that achieve growth or indeed given our nation any security.
In today's changed world, New Zealand's economic recovery must be built on stronger fundamentals.
It must be built on improved productivity and a better environment for investment in jobs and growth.
To ensure this happens, New Zealand needs a Government with a strong economic management plan.
That is what National will provide.
Excellent. that's what we need.
Our economic management plan will provide the immediate economic stimulus needed to see us through this storm, while strengthening New Zealand's position in the longer term by boosting economic growth.
It has five essential components:
1) Bringing some real discipline to government spending and ensuring a strong focus on the provision of frontline services. 2) Stopping the massive and costly rise in overall government bureaucracy and cutting red tape.
the prawns are ready and waiting - they are a small but elite force peppered among various government departments who have had enough of the indulgent spending on policy puffery.
I will have much more to say about both of these points in the coming days.
3) Ongoing tax reduction 4) A step-up in infrastructure investment to increase our capacity to grow. 5) A renewed focus on lifting education standards.
Today I am confirming our commitment to get behind Kiwi workers with a programme of personal tax reduction beginning in April next year.
In light of recent events that commitment is more important than it was previously.
We have made some changes to our tax package in light of the news Michael Cullen dished up in yesterday's pre-election fiscal update (PREFU).
The thrust has not changed.
Good but we think that this is time for bold thinking - seriously guys we cant be less prepared to weather the buffeting we are will get by the global financial gale that's about to hit.
But we are being realistic about what is fair and affordable in light of the mess Labour will be leaving behind it.
National will deliver a responsible growth-enhancing programme of ongoing tax reduction that does not put more pressure on the government's finances.
good.
Following on from the Labour tax cuts of 1 October 2008, National will be making further tax reductions on 1 April 2009, 1 April 2010 and 1 April 2011.
The largest chunk of this tax reduction will be provided on 1 April next year.
For someone on the average wage, the actual amount of the tax cuts will be similar to that which we have previously signalled, and I will detail those numbers tomorrow.
Our tax package will demonstrate my determination to ensure vulnerable New Zealanders are protected from the sharp edge of a recession.
excellent - Key stays staunch but has a package that will help the vulnerable
It will require no borrowing over and above the requirements laid out in the PREFU.
And it will be paid for by a few clear policy choices we have made and which I will outline tomorrow.
Good its time for some rationalisation.
In the immediate future, this programme of tax reduction will ensure there is more cash in the economy and it will give New Zealanders more breathing space in these harder economic times.
But, let me be clear - our tax programme is not just a one-off response to a short-term problem.
Most importantly, this programme will be part of National's plan to move New Zealand out of the recession more quickly and to strengthen our growth prospects.
Excellent stuff - a real economic strategy
It will improve incentives in the New Zealand economy and it will help stem the flow of skilled workers to Australia and elsewhere.
Good, that will help spur our best and brightest to return .
The importance of these fundamentals should not be underestimated.
What New Zealanders need to know today is that there is a brighter future available in this country and that there is a political party that is prepared to act to make sure that future is realised.
This is not just what we want its what we need
While the world economic situation remains fluid, I am confident that with the right policy settings New Zealand will be able to weather the storm, move out of this recession more quickly, and grow more strongly - to the benefit of all New Zealanders and their families.
Good stuff John we look forward to seeing the details
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