This week the National-led Government released figures that show cost of living increases have generally been low, and real wages are gradually increasing.
Inflation for the year to September stood at 1.5 per cent, the lowest annual figure since 1.5 per cent inflation in the year to March 2004. The last time it was lower was in the year to December 1999.
Fruit and vegetable prices have fallen by 11 per cent since National took office, and petrol prices have fallen 14 per cent in the two years to September 2010. Real inflation-adjusted after-tax wages have increased by nine per cent in the last two years, after going backwards in the previous two years.
National’s tax cuts mean nearly three quarters of income earners now have a top tax rate of 17.5% or less. We also immediately compensated superannuitants, beneficiaries, and Working For Families recipients for the rise in GST at the start of October.
We’re working hard to boost growth to create jobs and raise incomes, encourage savings and investment, and help families get ahead.
More information: http://www.beehive.govt.nz/release/lowest+inflation+six+years+good+families
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