Wednesday, 21 May 2025 12:25

Debt monster

Written by  The Hound

OPINION: It's good news that Finance Minister Nicola Willis has slashed $1.1 billion from new spending, citing "a seismic global economic event" - Donald Trump's trade tariffs - and unsustainable debt, but with the Government reportedly borrowing $500 million a week, interest costs now exceed the combined budgets of Police, Corrections, Justice and Defence.

New spending will drop from $2.4b to $1.3b though, with Willis wary of the interest bill spiraling out of control.

She criticised "extravagant" wage demands such as the 12% claim by striking senior doctors.

Some commentators opined that savings are likely to come from stalled programmes and unfilled vacancies - not mass redundancies.

Your old mate reckons the public service needs to wake up and realise the country's coffers have been left in a right state and some spending demands are necessarily off the table for the foreseeable.

More like this

US removes reciprocal tariff on NZ beef

Red meat farmers and processors are welcoming a US Government announcement - removing its reciprocal tariffs on a range of food products, including New Zealand beef.

US tariffs hit European ag machinery markets

The climate of uncertainty and market fragmentation that currently characterises the global economy suggests that many of the European agricultural machinery manufacturers will be looking for new markets.

Cold comfort

One of the most galling aspects of the tariffs whacked on our farm exports to the US is the fact that, now more than ever, US farmers are being propped up by government welfare – a direct result of Trump’s hardline on its trading partners.

NZ seeks certainty on US tariff, says McClay

Trade Minister Todd McClay says his officials plan to meet their US counterparts every month from now on to better understand how the 15% tariff issue there will play out, and try and get some certainty there for our exporters about the future.

Wasted energy

OPINION: Finance Minister Nicola Willis could have saved her staff and MBIE time and effort over ‘buttergate’ recently by not playing politics with butter prices in the first place.

Featured

US removes reciprocal tariff on NZ beef

Red meat farmers and processors are welcoming a US Government announcement - removing its reciprocal tariffs on a range of food products, including New Zealand beef.

India-New Zealand free trade agreement (FTA) dairy outcomes

OPINION: As negotiations advance on the India-New Zealand FTA, it’s important to remember the joint commitment made by Indian Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon at the beginning of this process in March: for a balanced, ambitious, comprehensive, and mutually beneficial agreement.

Honesty vital in flood insurance claims, says IFSO

As New Zealand experiences more frequent and severe flooding events, the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) is urging consumers to be honest and accurate when making insurance claims for flood damage.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Picking winners?

OPINION: Every time politicians come up with an investment scheme where they're going to have a crack at 'picking winners'…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter