NZ Govt living beyond its means. No immediate plans for change. [Updated]

News out today confirms news from yesterday, last month and all the months before that this government is living beyond its means—to the tune of $4.4 billion this last quarter.

The Financial Statements of the Government of New Zealand for the four months ended 31 October 2010 were released by the Treasury today…
    The October results are consistent with the general picture outlined in the recently published financial statements for the first three months of the fiscal year.
    Tax revenue in the four months to 31 October was $1.1 billion (6.3%) lower than forecast … the deficit in the operating balance before gains and losses was $1.9 billion higher than expected at $4.4 billion.

In other words, you’re spending too much, and the figures have been telling you that all year.  The net result of this government’s inability to take responsibility for its actions is this…

New Zealand’s gross sovereign debt as of Oct. 31 was NZ$58.55 billion, or 30.9 percent of gross domestic product, more than a forecast of 30.5 percent.

Yes. Really.

In response to this “surprising” news. Billy Bob English responded instantly. He said “we’ll take a look at it after we’ve had a summer holiday.”

The words “deer” and “headlights” should probably occur to you right about now.

UPDATE: It gets “better.” It’s not deer and headlights, it really is blind leading blind. “Accounts show govt has been fiscally responsible so far this year, Prime Minister Key says…”