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| The Rees-Cession We Didn't Have to Have |
| Tuesday, 02 June 2009 | ||||||
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"The State Government’s mini-Budget further cut demand at a time when demand was already falling fast." Confirmation today NSW is in recession demonstrates the incompetence of Nathan Rees’ mini-budget which cut infrastructure and raised taxes at exactly the wrong time, NSW Opposition Leader Barry O’Farrell and Shadow Treasurer Mike Baird said today. ABS figures released today show NSW has experienced two consecutive quarters of negative economic growth in State Final Demand (-0.4% for the December 2008 quarter and –0.2% for the March 2009 quarter). “Nathan Rees’ failed mini-budget was exactly the wrong policy at exactly the wrong time,” Mr O’Farrell said. “Instead of providing an economic boost to the NSW economy – Nathan Rees, Eric Roozendaal and Joe Tripodi slashed infrastructure projects, raised taxes and cut frontline services,” he said. “Labor cannot blame the global financial crisis for their own economic incompetence over 14 years which has led us to this point. “Nathan Rees remains the only leader in the country not to put forward an economic stimulus package to protect jobs and help business. “Surely by now our incompetent and inexperienced Premier should have realised the need to act to protect NSW jobs. “Nathan Rees can’t continue to blindly lead NSW down a path towards increasing joblessness,” Mr O’Farrell said. Mr Baird said Nathan Rees’ claimed infrastructure spend is nothing more than a re-announcement from the Morris Iemma days and fails to add a single new dollar to stimulate the State’s economy. “Nathan Rees should adopt the NSW Liberal/Nationals’ plan to cut payroll by 15% for the calendar year as an immediate boost for the two million workers whose bosses pay payroll tax. “The time to act was months ago, but it’s not too late to try and protect jobs in NSW,” Mr Baird said. Media: Brad Burden 0401 672 145 or Sam Fairlie-Cuninghame 0438 285 780
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