We are not as wealthy as we thought we were

Spending cuts look to be the government's main path to eventual budget surplus. (Image: NZME)

Fri, 05 Apr 2024

The V-shaped post-covid recovery has morphed into an L-shape. It will be a hard slog over the coming years. Tough choices are required. From what I can see in last week's budget policy statement (BPS), adding the budget numbers up looks like it requires some reverse engineering – populism rules. A swing to the social side of the ledger under the previous government has now lurched to economic priorities. Is the balance right? What will be the trade-offs between tax cuts and infrastructure in the budget? Reality has...

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