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Tuesday, October 7

NZ First argues against tax cuts

New Zealand First is taking a stand against tax cuts, arguing National and Labour have got their priorities wrong.

It comes as National prepares to unveil its tax cuts package tomorrow, against a background of Treasury predicting a decade of budget deficits.

New Zealand First Leader Winston Peters believes what is needed is changes to the Reserve Bank Act and inflation controls - not tax cuts. He says there is not much point of a tax cut when we have the third highest interest rates in the OECD.

Mr Peters says the state should use its credit to get rates down, and focus on building a sound economy. He says tax cuts for consumptive wealth is a fatal economic move to take.