1. $10.24 billion (more than 1/8th of whole budget): Superannuation (problem growing 6.8% this year alone, and unaddressed) – and we could add another $673 million for the unfunded liability hidden in the accounts.
2. $3.69 billion: Debt Servicing
3. $3.32 billion: National Land Transport Agency (inc $804.5 million on Roads of NationalTM Significance and $750 million on new loan facility) – up $334 million
In a zero budget National managed to find $334 million to spend on their pet roads. Road usage is falling, petrol prices are rising and most of their new RONS struggle to provide more benefits than cost even by National’s most optimistic figures.
But hey, we can find an amount similar to the whole of Hutt DHB’s funding to add to road bill. We just need to sack 500 teachers, freeze Early Childhood Education subsidies and raid paperboys’ piggy-banks…