We agree fully with John Key in comments that Tracy Watkins is reporting in today's Dominion Post
National leader John Key said the forecasts showed the economy needed tax cuts now more than ever - and added New Zealanders would be "horrified" that after nine years of good times, the Government had no plan to set the economy back on track. "[They have] delivered New Zealanders a hospital pass."
National has previously flagged tax cuts worth $50 a week to the average worker - but with the books making such grim reading, it will be under pressure to demonstrate that they are affordable.
While it has pledged not to borrow to fund its tax cuts, it has flagged plans to raise government debt to pay for big infrastructure projects. But that was before yesterday's figures, which show debt ballooning to 24 per cent of gdp, from under 20 per cent now.
