Posted by Blogger Name. Category:
Arithmetic
,
Bill English
,
David Parker
,
Government spending
,
Labour Party
,
Reserve Bank Act
,
Spot the Difference
,
Treasury
David Parker is Labour's Finance spokesman. In a future Labour-led coalition government, he would certainly have a key finance role.
So it's no surprise that he's commented on the improving Treasury figures released this morning. Here's his presser (and pay attention to the time it was sent)
Lower tax take leaves Govt revenue $829m down
Lower tax take leaves Govt revenue $829m down
Falling tax revenue has left the Government‘s revenue $829 million lower than forecast, Labour’s Finance spokesperson David Parker says.
“For the fifth month in a row, the Government’s accounts have undershot expectations with tax revenue $829 million below forecast.
“Bill English claims the benefits of the economic growth are being shared fairly. If that were the case, tax revenue would not be short of his projections.
“The books have now been worse than predicted in November, December, January, February and now March.
“It will be interesting to see what effect this has on the Finance Minister’s wafer-thin micro surplus for 2014/15 that he will announce in next Thursday’s Budget.
“The Household Labour Force Survey released this week shows wages are stagnating and unemployment remains stubbornly high.
“Bill English is busy claiming workers can expect significant wage increases but if their pay was growing, the Government’s tax take would not be so short of its target.
“National’s lack of vision for the economy has been shown up by these continuing shortfalls.
“Labour’s economic upgrade will support better jobs and higher incomes,” David Parker says.
There's just one problem for Mr Parker; it's an edited version of a presser which he'd sent out just before we went out for lunch, which fortunately for us (and unfortunately for Mr Parker) was still sitting on our browser.
So let's play Spot the Difference:
OK; we've made it easy for you with the highlighting. But whereas Mr Parker was bemoaning Government spending being $423 million above forecast, he must have missed the minus sign in the Treasury documents.
Yes Dear Readers. As Bill English has noted, Government expenditure for the nine months to 31 March 2014 was $423 million LESS THAN forecast, not more than. That's an $846 million miscalculation from Labour's Finance spokesman and deputy leader.
Mr Parker may have hoped to correct his error without anyone noticing as the week drew to a close, but he has been sprung. We dread to think what might happen if he and Dr Norman got their hands on the Reserve Bank Act. Do we really want the country's finances being overseen by someone who fails at basic arithmetic?
