The Taxpayers’ Union has updated its Official Government Debt Clock following yesterday’s Pre-election Economic and Fiscal Update, with government borrowings now on track to smash through $300 billion on 16 October.
Taxpayers’ Union Head of Policy James Ross said:
“Three hundred billion dollars is a grim milestone. For all the tough talk about getting the books back under control, we’re still on track to finish the 2020s without a single year of government debt actually going down.”
“The PREFU numbers may have been better than expected, but the Government is still borrowing $56 million every day just to keep the lights on. The debt clock is still ticking, and it’s ticking fast.”
“Each household’s share of the debt has now passed $144,000, and taxpayers have to service every cent of it. Hitting $300 billion on 16 October should be a flashing red warning to whoever forms the next government: stop adding to the bill and start paying it down.”
The Taxpayers’ Union’s Official Government Debt Clock can be found at debtclock.nz.
Debt clock set to tick over $300 billion
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