Bill English- “the year to March 2011 has turned out to be more subdued than was expected in the Budget.”
Get your damn expectations right then. That is what we pay you for and that is your job. We don’t want to hear endless statements as to the fact that you GOT IT WRONG AGAIN. Get it right for God’s sake, before you ruin this country. (totally)
The Government’s Budget deficit has blown out to $11.1 billion or 5.5 per cent of gross domestic product driven by the cost of the Canterbury earthquake and a slower than expected economic recovery. That is a rise from $8.6 billion (4.2 per cent) forecast in the May Budget. The cash deficit blows out too, from a forecast $13.3 billion in May to $15.6 billion (7.7 per cent of gdp) figures released today in the Treasury’s half year update show. That will push up debt to 28.5 per cent of gdp.