The lied about surplus in the run up to the 2014 National Election is looking like matching Penn and Teller for magical skills. It’s the ultimate disappearing act.
Unlike bad economic figures when Labour is in Government, this isn’t National’s fault. Bill English says so. It’s all down to a whole lot of unusual and unpredictable events outside Penn and Teller’s control.
Interesting to see where the forecast tax revenue is (or isn’t) coming from.
Core tax revenue was $97 million below forecast due to lower than expected goods and services tax and personal income source deductions, though that was partly offset by a bigger take from corporate taxpayers and strong provisional assessments in other individuals tax.
Expenses were $118 million higher than forecast at $23.98 billion, due largely to the $103 million indemnity deed for Solid Energy to preserve the miner’s balance sheet.
When English was “abracadabra-ing” his surplus the much maligned David Cunliffe said this
Labour leader David Cunliffe began by taking aim at the surplus, designating the Budget a “Fudge-it Budget” because of the creative accounting needed to achieve a surplus. Spending was delayed on the Christchurch rebuilding, ACC levy reductions were held back for a year, and Auckland roading projects were funded by interest-free loans rather than spending.
“National calls the Fudge-it Budget ‘steady as she goes’. Steady as she goes all right – just do not ask where she is going.”
Winston Peters put it, in his usual way, succinctly with barbs. It is worth a read.
“Just don’t ask where she (economy) is going, it turns out we didn’t have to wait long to see.
Look? Len Brown had an extra marital affair!!!!!!