Nationals deficit deficiencies | The Jackal

6 Jul 2013

Nationals deficit deficiencies

Yesterday, the Minister of Finance and Infrastructure, Bill English reported:

A further improvement in government tax revenue left the operating deficit before gains and losses $763 million smaller than forecast in the 11 months to 31 May, Finance Minister Bill English says.

So, the forecast was completely wrong, being $763 million wide of the mark. Nothing really new there then, with National failing miserably at forecasting anything to do with finances.

The operating deficit before gains and losses was $3.26 billion in the 11 months to 31 May – or $763 million lower than the Budget 2013 forecast of $4.03 billion. If this improvement continues until the end of the financial year, the OBEGAL deficit will be $2.3 billion smaller than Budget 2012 forecasts.

In other words there's still a deficit of $3.3 billion, despite the global recession ending over four years ago. If that's not an indictment of government incompetence, I don't know what is.

National has been a complete economic failure for New Zealand. The sooner they're elected out the better it will be for our books.