Half-yearly Government opening of books due

KATE CHAPMAN
Last updated 10:46 14/11/2012

Relevant offers

Politics

Key and Little trade character blows as Government talks up ninth budget Home ownership comes with a side of guilt Prime Minister John Key, the goose and the golden egg Refugees stuck in limbo while waiting to come to NZ - 'Each day is like a year' Andrew Little 'shaken' by Syrian refugee camp Deal to boost Indian tourism signed in Auckland Plenty of NZ echoes as the presidential storm slams into Indiana Crackdown on slave fishing crews: foreign charter vessels must reflag to New Zealand France v NZ: can’t we all just get along? Duncan Garner: Some home truths for a Government missing in action

The Government will release its Half Yearly Economic and Fiscal Update (HYEFU) on December 18.

Finance Minister Bill English appeared before Parliament's finance and expenditure select committee this morning.

He said the Government had maintained public services through the recession but that had meant deficits which could not continue.

"Debt of a nature which we can't continue with."

And there had been fluctuations in the Government's revenue take because of international impacts, English told the committee.

"We expect we'll continue to see patchy and somewhat grumpy growth for awhile."

The Government had continued to control spending but lower revenue affected performance in the last financial quarter, he said.

Labour finance spokesman David Parker said recent economic figures, including unemployment numbers, concerned the opposition.

English said the Government was always reviewing policy but "reality keeps turning out in different and unexpected ways".

The unemployment rate was generally too high, he said.

English said the HYEFU and Budget Policy Statement would set out the Government's wider economic programme.

The Government was on track for getting back to surplus in 2014/15, he said.

"We've set out a balanced programme of curbing new spending, returning to surplus and getting debt under control."

The Crown's net debt of $50 billion had helped support the economy through the recession.

"But this stimulus is expensive."

In difficult world markets it was essential to reduce debt, English said.

Ad Feedback

- Stuff

Special offers
Opinion poll

Should the speed limit be raised to 110kmh on some roads?

Yes

No

Vote Result

Related story: 110kmh limit moves closer

Featured Promotions

Sponsored Content