In other words, she’s still trying to find the money. Willis said the savings were a “down payment” towards the tax cuts. There was still no indication of how National would pay for their promised tax cuts of up to $250 per fortnight for the “average household” (which turned out only to be 3000 households nationwide ). Willis had found $7.4 billion in savings by following through on various campaign promises, and t he home-owning class got their tax cuts thanks to the bright-line test being moved back to two years. There wasn’t anything too surprising in the budget itself. Nicola Willis delivers her ‘mini mini mini’ budget (Photo: Ben McKay) “Fiscal cliffs” was the word of the day – Willis was upset that Robertson had funded some government programmes for only a set period, despite “clear public expectation” they would continue. “Fiscally reckless”, “fiscal vandalism”, and “economic mismanagement” were some of her favourite descriptors of the last regime. Her top priority, it seemed, was throwing as much shade on Grant Robertson as possible. Nicola Willis arrived at 12.06pm, six minutes late, rocking her trademark pink pantsuit. “Thank you and kia ora,” she concluded, notably placing the English first, in case anyone was confused. More people meant more demand and therefore more inflation pressure. The only bright side was strong net migration – 129,800 people moved to New Zealand this year – but that had its downsides too. This was the half-year economic and fiscal update (Hyefu, pronounced Hyee-Foo).Īlmost every economic indicator had got worse since September, McLeish said. The last treasury analysis was the pre-election fiscal update (Prefu, pronounced Pre-Foo), released on September 12. The economy was in worse shape than they previously thought. Treasury secretary Caralee McLiesh broke the bad news. Once the doors were closed, no person or information could leave the room. Treasury officials checked everyone’s phone and laptop to make sure they were in flight mode – a security measure to guard against the leaking of financially sensitive details. We were there to look at the government’s books, having been given a two hour head start before they were officially released. A who’s-who of journalists and media sat shoulder to shoulder, all facing centre stage. Inside the room were 16 rows of tables, each shrouded in a white tablecloth. Chonky ginger kisses in parliament’s budget lockup (Photo: Joel MacManus) At least the ginger kisses had a generous helping of cream filling. It was perhaps the first sign that this budget was looking tight. A couple of plates of biscuit selections, and a big keg of filter coffee. “We have drinks and some modest biscuits, at no charge,” said Treasury’s Bryan McDaniel as he welcomed the crowd of journalists and economists into the mini budget lockup in Parliament’s banquet hall. It was Nicola Willis’s first big swing as finance minister, and we still don’t know what to call it.
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