Debt $5 billion higher than forecast just a month ago

Stuff reports:

The Government’s accounts have deteriorated further from the track marked out by Finance Minister Grant Robertson in the Budget.

The Treasury reported that the Government’s operating (Obegal) deficit for the 11 months to the end of May stood at $6.5 billion, which was $2.1b higher than the forecast it released in the Budget.

Under the current Government I doubt we will even get back into surplus, and start paying back debt, before the next global crisis hits.

Net core Crown debt has now risen $5b above forecast to $73b, or to 18.9% of GDP.

That is significantly above the Budget forecast which had charted that it would stand at 17.6% of GDP at the end of May.

Borrow, borrow, borrow. It’s a lot easier than having discipline over your spending.