30 Oct 2008

No plans for post election mini-budget - National

7:04 pm on 30 October 2008

National has all but ruled out a post-election mini-Budget if it forms the next government.

The party's finance spokesperson Bill English told a business gathering in Auckland on Thursday that a National-led government would have no new short-term measures to unveil unless the economic outlook changed significantly.

Mr English and Labour finance spokesperson Michael Cullen outlined their views on dealing with the effects of the global economic crisis to several hundred business leaders.

Mr English said his party's approach has mostly been released, and while National would study Treasury's December fiscal update, a mini-budget is not planned.

Labour has promised that if it was re-elected it would produce a mini-Budget in December, and will not release details until then.

Dr Cullen told the meeting that more international co-ordination is needed to manage the global downturn.

He said he was due to speak by phone to United States Secretary of State Condoleezza Rice on Thursday and would thank her administration for what it has done to lead the Western world in propping up the financial sector and in trying to "unglue credit markets".

Both Dr Cullen and Mr English expressed reservations about the deposit guarantee scheme, but said a worse option would have been to do nothing while other Governments acted.