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New Zealand FinMin: Budget Spending Jumps 45% Since 2005

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Thursday, New Zealand Finance Minister Bill English said the budget spending surged 45% since 2005. "This kind of rampant spending growth is unsustainable and cannot continue." he added. The government is taking measures to slow future spending increases and get debt under control, said English.

English confirmed the release of the half-year update, along with the 2010 Budget Policy Statement on December 15. English revealed that "Half-Year Economic and Fiscal Update next month will highlight the legacy of Labour's relentless spending increases over recent years." He said the fiscal update would also confirm the impact of the recession would be felt on the Government's books for many years.

Thursday, New Zealand Finance Minister Bill English said the budget spending surged 45% since 2005. (Market News Provided by RTTNews)

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