The crown accounts were in deficit by $800 million at the end of the September quarter, a $1.7 billion turn around from the $900 million surplus that was forecast.
So where did it go?
Labour was happy to take the credit for the surpluses, they can’t blame all of the $1.7 billion on the international financial fallout.
National finance spokesman Bill English says the deterioration makes it even more important to get a government that’s focussed on growth.
‘National has released a fully costed set of policies which promote economic growth and start the job of lifting New Zealand out of deficits earlier.
‘Labour has delivered a decade of deficits that the next generation of Kiwi voters will still be paying for.
‘They haven’t told New Zealanders before the election how they plan to pay for the 30 or so uncosted promises Helen Clark has made since the pre-election opening of the books.
‘They have been fair-weather economic managers, and they have no new ideas on how to get the country moving forward. It is time for a fresh approach.’