March 2015 YR GDP at 4.0% (HYEFU was only 3.6%), March 2016 GDP at 3.0% (HYEFU 2.7%)
2014/15 net debt is 26.4, “which is the peak.” (HYEFU 26.5%)
They also see debt declining to 23.8% of GDP by 2018 with an ultimate target of 20% by 2020.
From the 2014 budget speech delivered today:
We’ve made significant progress in recent years to deliver more jobs and higher incomes.
New Zealand is one of the first developed countries to return to normal economic
conditions, with a recovery led by the private sector.Businesses are investing, wages are rising faster than inflation and our export sector is
posting record results despite the headwinds of disruption in international markets and a
high exchange rate.Public agencies are working better for New Zealanders and getting better results.
On most indicators that matter, we’re moving forward as a country.If we lock in the hard-won gains we’ve made, there’ll be many opportunities over the next
decade to improve our economic fortunes and secure a brighter future for New Zealand
families.
That’s not a phrase I run across often. I’m interested in how they plan to lock in gains.
UPDATE: The budget shows a return to fiscal surplus. Though small, surplus is expected to continue rising slowly through 2020 in tandem with jobs and wage increases.
More coming.
