The Green Party has released its fiscal plan, promising to increase health spending by $3 billion each year.
By Russell Palmer of RNZ
Co-leader and finance spokesperson Chlöe Swarbrick released the plan at Parliament this morning.
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It includes operating allowances of $4.5b to $4.7b a year, and a slower return to surplus in 2029/30, and an increase to net core Crown debt to 44% of GDP in 2030/31, which she says is well within responsible fiscal ranges compared to other countries.
"By the end of the forecast period, Crown expenses are 40% of GDP and revenue is 40.1% of GDP. This is well within a responsible fiscal range compared to other OECD countries," Swarbrick said.
The plan projects a nearly $8b a year increase to government revenue from a range of taxes including the party's "super-rich" tax, capital acquisitions tax, big corporations tax, major banks levy, enforcement of a tax on big tech companies, and reversal of the changes the party has labelled "tax cuts for landlords".
This would be balanced with cuts to income taxes and moves to add 64,000 more jobs than the 220,000 Treasury currently forecasts.
Unlike both National and Labour, the plan also promises to fund climate emissions mitigation through the purchase of offshore credits through unallocated spending.
Treasury estimates this to cost up to $5b - although that total would be lowered by however much nationwide emissions can be reduced in line with international commitments.
The party estimates a 1% increase to GDP after four years from its policies.
"Cutting public spending deepens economic downturns and inequality, pushes up unemployment and reduces output. The current government's fiscal track is made possible only through underinvestment in core public services," Swarbrick said.
"Our sensible long-term investment approach turns this around and tackles real risks to fiscal sustainability head on with genuine investments such as lowering exposure to imported fossil fuels, in turn reducing New Zealanders' cost of living and future imported inflation."
She said public debt was low compared to other countries.
Swarbrick said every one of the party's policies had been fully costed, but the Greens remained committed to a Parliamentary Budget Office that could cost every party's policies on the same basis.
"The Greens are the party of real economic responsibility. That means we will fix the basics and build the future in the real world, not just by moving numbers around a page as our emergency departments are left in crisis."
On the health spending, she said governments proposing to declare a surplus while children were having cancer treatments delayed were "failing".
"The Greens have heard the call of our nurses for safe staffing levels. We are committing $3 billion more every year for the next four years to bring investment up to the level necessary not just to deal with immediate pressures, not just to rebuild lost capacity, but ensure our health system is fit for purpose for patients and health workers.
"We will reduce the burden on hospitals by strengthening primary, preventative and community care, and fund a long-term workforce plan to train, recruit and keep the doctors, specialists, nurses, allied health and support staff the health system depends on."
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