The spin today is that the New Zealand government accounts are said to be “in slightly better shape than forecast.”
And Bill English still promises a surplus in government accounts “next year.” (There’s always jam tomorrow.)
But today, we see that his deficit for the last quarter was still a whopping $1.3 billion. (In 2008 it was $31 million.)
And the money the govt owes, its total debt, has just hit $60 billion. (In 2008, when they took over, it was $10,2 billion.)
Which is about $60,000 for every tax-paying New Zealander. (Of which there is barely a million.)
Or about 28% of what is measured as the country’s Gross Domestic Product.
So Bill is still borrowing $27 million per
week day on our tab, to fund budgets spending $70 billion per year.
Just thought you’d like to know.
[UPDATED courtesy of Mark Hubbard’s numbers, and Nick Kim’s cartoon.]