idiom
05-27-2009, 10:32 PM
Huzzah for not totally selling out the country (http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10575044&pnum=2):
International credit rating agency Standard and Poor's has given a favourable verdict on the budget, upgrading New Zealand's outlook from negative to stable.
Finance Minister Bill English today delivered his first budget, which dragged down long term debt forecasts through a mix of axing planned tax cuts, suspending payments to the New Zealand Superannuation Fund and reducing long term spending increases.
And the Money Quote:
Just a year ago, conditions like this were unknown, 'every worst case scenario eventuated', he said. Our current recession had highlighted structural imbalances, which had grown over the past ten years. Imbalances caused by excessive debt-fuelled consumption.
It looks like we may actually let the mal-invesment flush out and the losers take their hits!
International credit rating agency Standard and Poor's has given a favourable verdict on the budget, upgrading New Zealand's outlook from negative to stable.
Finance Minister Bill English today delivered his first budget, which dragged down long term debt forecasts through a mix of axing planned tax cuts, suspending payments to the New Zealand Superannuation Fund and reducing long term spending increases.
And the Money Quote:
Just a year ago, conditions like this were unknown, 'every worst case scenario eventuated', he said. Our current recession had highlighted structural imbalances, which had grown over the past ten years. Imbalances caused by excessive debt-fuelled consumption.
It looks like we may actually let the mal-invesment flush out and the losers take their hits!