NZ Election Books Look Rosier Ahead of November Vote

New Zealand's pre-election budget forecast has improved, giving parties more space for campaign spending ahead of the November 7 election. Finance Minister Nicola Willis unveiled the pre-election economic and fiscal outlook (PREFU), showing a clear improvement on last year's numbers.

Last year's $NZ11.9 billion budget deficit has been revised to $NZ8.6 billion, with next year's forecast deficit of $NZ11.4 billion reduced to $NZ6.8 billion. A return to surplus is now predicted for 2028/29, instead of 2029/30.

Willis called the fiscal improvement 'welcome news', saying it frees up more money for New Zealanders and puts the country in a stronger position to weather global uncertainty.

National alleges Labour has $18 billion in unfunded promises, but Opposition finance spokeswoman Barbara Edmonds promised to publish a fiscal plan that includes a first surplus since 2018/19. 'Labour will be fiscally responsible, ambitious for the economy and focused on the future,' she said.