The Government will cut $3.4 billion from its four year operating budget, as it works to keep debt under 30% of gross domestic product and return the Crown accounts to surplus.  Budget 2023 expanded annual spending and increased future operating allowances, based on Treasury's optimistic forecasts, which have already proved wrong.  When the Crown accounts were released in July, tax revenue had already fallen more than $2 billion behind what Treasury had forecast just a few months earlier.  This month, economists at Westpac NZ estimated the tax shortfall would continue and deficits would almost double across the forecast period.

https://www.interest.co.nz/public-policy/123988/finance-minister-grant-robertson-said-money-saved-would-help-offset-growing

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