John MacDonald: Kneejerk reactions won't fix the fiscals
If New Zealand was a company staring down the barrel of running at a loss for at least the next five years and finding itself needing to borrow $20 billion more than it thought it did just six months ago, it would be lights out, wouldn’t it?
And no amount of creative accounting could change that picture.
Essentially, that’s the state we find ourselves in after yesterday’s fiscal update from the Government. With pretty much the only good news coming out of it being in the housing market, and an expectation that it is going to come back to life the year after next…
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