• Return to surplus depends on how events in Europe develop
• Deficits to remain for this year NZD$ -7.9bln, and next year, NZD$ 2billion, before a small surplus after that
• GDP projected at +2.6% this year, and +3.4% next year
• Inflation forecast at 2.6% and 2.5% for next two years
• Budget aimed at easing pressure on rates and currency