The Government coffers took another blow in the nine months to March, when tax revenues (lower than forecast) and investment losses (higher than forecast) dragged the budget operating balance $7.7 billion into deficit, just a week or so ahead of Finance Minister Bill English presenting his 2009 budget.
No-one should be too surprised, as a consequence, if English decides to stop pumping money into the New Zealand Superannuation Fund (also known as the Cullen Fund, although Alf regards this as bad language and an expression to be avoided in polite company).
Those payments – in all likelihood – will be suspended because the dosh would come from borrowing and raising the public debt. Not smart.
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