26 Oct 2011

Opponents believe Government has failed

2:56 pm on 26 October 2011

Other political parties are accusing National of failing to deliver on its 2008 campaign promises, as evidenced by the Pre-Election Fiscal Update.

The Treasury forecasts a return to a budget surplus by 2015, but is warning that there is a one-in-five chance that the economy will not perform as well as it is predicting.

The Labour Party says this strengthens the case for policies such as a capital gains tax. It is critical that despite its 2008 promise, National has failed to stem the flow of people moving to Australia.

The numbers migrating to Australia in the past year almost doubled from the year before - from 29,400 to 43,800.

The ACT Party says it is disappointing that Australia's economic growth is forecast to outstrip New Zealand's in the coming years.

National acknowledges Australia remains an attractive destination, but expects the number of departures to decline.

Finance Minister Bill English says there are always economic risks and the Government is managing them.

Mr English told Radio New Zealand's Morning Report programme on Wednesday the Government has dealt with big challenges in the past three years and recently borrowed more than it needed to help mitigate risks arising out of the debt crisis in Europe.