ANZ economist criticises Labour’s ‘debt-funded spending spree’ in previous Budgets

ANZ economist Miles Workman criticized the previous Labour Government for engaging in a “debt-funded spending spree,” which he described as an “inflation-fuelling fiscal expansion” that the current Government is still addressing. He indicated that while future Budgets may involve repurposing existing spending, significant portions of Labour’s additional spending remain unwound, resulting in a fiscal challenge. Workman cautioned that the government could face high debt levels during future fiscal shocks, such as a pandemic or earthquake, if current trends continue.

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