Those who were paying attention before the election were already widely aware of the fact that New Zealand as a country has managed to get itself into a huge amount of debt. It seems that when the National Government talks about a rockstar economy, what they must actually be referring to is trashing the hotel room and throwing the television into the swimming pool, because that is the only way the statement makes sense.

From The Government has posted a Budget deficit of $2.9 billion in the year to June 30, $338m worse than forecast in the pre-election opening of the books.

Finance Minister Bill English said the result was the third consecutive narrowing of the deficit before gains and losses (Obegal) and was further evidence careful fiscal management was producing consistent gains over time.

However it compared with the forecast deficit of $2b in the 2013 Budget. [Read More]

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