Surplus a noble aim, but what about living standards?

This year’s Budget - Nicola Willis’ third, and perhaps final depending on how things go in November - was titled ‘‘Securing New Zealand’s Future’’ and promoted by Ms Willis as a ‘‘responsible Budget’’.

Surplus a noble aim, but what about living standards?. This year’s Budget - Nicola Willis’ third, and perhaps final depending on how things go in November - was titled ‘‘Securing New Zealand’s Future’’ and promoted by Ms Willis as a ‘‘responsible Budget’’. I noticed an echo. Last year’s speech began: ‘‘This is a responsible Budget to secure New Zealand’s future.’’ To its credit, the coalition government resisted the temptation of sprinkling election-year fairy dust to improve its chances of a second term. Nonetheless, Ms Willis managed to pull a rabbit from the fiscal hat. The headline is a forecast return to surplus - where government revenue exceeds spending - in 2028-29: one year earlier than previously expected, and the first surplus in a decade. A surplus would be a great achievement if it eventuates. Financing government debt, accum...