On Budget day I’m sure many of our local residents will have been keenly calculating the value of the tax cuts dished out by the National-led government. No doubt their initial excitement would have worn off by the time they worked out that any benefit they were getting from a few extra dollars in the pocket each week wouldn’t even come close to compensating them for the increase in the cost of living they are going to face.
This year’s Budget is one of broken promises and missed opportunities. The biggest broken promise is John Key’s about-face on increasing GST. Before the last election he said that National wouldn’t increase GST because if they did a “halfway decent job’ of managing the economy it wouldn’t be necessary. It seems a year and a half is a long time in politics – they just hiked GST up to 15 percent. Read the rest of this entry »