‘Fragile’ New Zealand calls for budget orthodoxy

FILE PHOTO: Christopher Luxon, Leader of the National Party speaks to supporters in Auckland

WELLINGTON: New Zealand is in a “fragile” state and needs to put its public finances back in order as a pre-requisite to building a stronger economy, Prime Minister Christopher Luxon says in a major speech.

Government spending is up 84% since 2017 and debt has climbed from five billion New Zealand dollars (US$3bil) to a “staggering projection of well over 100 billion New Zealand dollars,” Luxon said in his first state of the nation address since taking office.