Treasury has just posted the financial statements for the year to 30 June 2005 and the OBERAC surplus has grown even larger – it made $8.9 billion.
But according to Dr Cullen, there can be no reduction in taxes at all. Tax revenue increased 9.6% last year alone, or over $4 billion.
Government Revenue now makes up 45% of GDP. National had it down to under 38%.
I shudder to think of the bizarre spending projects Labour will now come up with to get rid of the surplus.