There are two time measures of a budget: what it does now and what it sets up for the longer-term. How did Bill English do last week?
Short-term — the next five years — he has set up a track out of fiscal deficits and into rising surpluses. Labour’s David Cunliffe on Friday detailed a list of nifty accounting manoeuvres that generate the microscopic 2014-15 surplus but that does not deny the trend. Labour’s David Parker on Friday reaffirmed Labour’s commitment to a 2014-15 surplus.