Shadow Minister for Finance Peta Seaton said today Labor could not blame changes in monetary policy for the crisis in the NSW economy.
“Morris Iemma and Michael Costa might try and blame NSW’s economic woes on changes in monetary policy, but Labor’s poor economic management has caused the problem,” Ms Seaton said.
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“People in NSW will feel today’s decision more sharply than residents of other states because it comes on top of this state having the highest taxes and the slowest-growing economy in the country,” she said.
“If the Reserve Bank had made no decision today NSW families and businesses would be every bit as un-competitive, over-taxed and under-serviced as they’ve been for the last decade.
“It is dishonest for Morris Iemma and Michael Costa to lecture businesses and families about monetary policy – Labor’s high taxes have resulted in an exacerbated property market downturn and an unemployment rate above those of comparable states.
“Labor is simply trying to blame someone else for their poor economic management.
“NSW homes and businesses have been struggling with the highest taxes in the country for years.
“Labor has failed to reign in spending, they’ve failed to reign in the bureaucracy, and they’re now seeking to shift the blame elsewhere.
“The perilous state of the NSW economy is a direct result of Labor’s own policy failures.
“Labor has failed to improve services for the people of NSW or invest in tax relief for families and businesses.
“Morris Iemma and Michael Costa have failed as Premier and Treasurer, as have their colleagues Carl Scully, Joe Tripodi, Frank Sartor and John Della Bosca, and Eddie Obeid over Labor's 12 years of Government.
"The people of NSW deserve higher standards, better services and balanced budgets," Ms Seaton said.
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