Following on from my earlier post
This is a turnaround/reality check from English given his recent comments/optimism that NZ would post a surplus
Header out on Bbg from an emailed statement. No further detail as yet
NZDUSD 0.7562
Update 22.32 GMT
- tax revenue for 8 months to end-Feb wasn't as far ahead of forecasts as in Jan
May 21 Budget will produce new forecasts that I expect will take into account further reductions in the inflation outlook
We're continuing to manage the books carefully but lower inflation, while good for consumers, is making it less likely that the final accounts in October will show a surplus
Bill English reckons it's time for a re-think
