Economic outlook bad, but not as bad as expected last year

Updated long-range projections for Government debt are less unnerving than last year's but still unsustainable, the Treasury says.

Speaking to a conference on retirement income policy and inter-generational equity in Wellington yesterday, Treasury deputy chief executive Gabriel Makhlouf said last year's Long-term Fiscal Statement, prepared at the depth of the recession, had recently been reviewed to reflect the stronger economic and fiscal starting point prevailing now, and policy changes in the Budget.

Source : http://www.nzherald.co.nz/economy/news/article.cfm?c_id=34&objectid=10660543