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

Trump's tariffs

President Donald Trump’s decision to impose tariffs on imports into the US is doing good things for global trade, according to Agriculture and Trade Minister Todd McClay.

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.

Featured

National

Machinery & Products

» Latest Print Issues Online

The Hound

Two-legged pests

OPINION: Federated Farmers has launched a new campaign, swapping ‘The Twelve Days of Christmas’ for ‘The Twelve Pests of Christmas’ to…

Slippery slope

OPINION: It used to be that the National Fieldays attracted brickbats for being officious clipboard carriers, while the regional, farmer-run field…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter