28088 (2024). Hon Barbara Edmonds to the Minister of Finance

28088 (2024). Hon Barbara Edmonds to the Minister of Finance: Why does she believe "debt must come down" when Budget 2024 has seen the Government borrowing $12 billion for tax cuts?

Hon Nicola Willis: The Government is not borrowing for tax cuts. Tax relief in Budget 2024 ($3.68 billion average per annum) is fully funded from savings and revenue ($3.71 billion average per annum). Debt must come down because it more than doubled, as a proportion of GDP, under the previous Government. Moreover, tThe Government’s Budget 2024 decisions to lower the operating allowances will improve the debt track over the forecast period, compared to what otherwise would have been the case.