New Zealand steps up government borrowing, denied lying about digital

The New Zealand government is borrowing up to 5 billion NZ dollars (4.07 billion U.S. dollars),Finance Minister Bill English said Tuesday.

English was speaking to Radio New Zealand after the Council of Trade Unions (CTU) accused the government of issuing misleading figures in last month's Budget, which said borrowing was at 380 million NZ dollars a week to cover tax credits and entitlements for the KiwiSaver and Working for Families schemes.

This figure distorts the situation of the borrower, Confederation of Trade Unions economist Bill Rosenberg told New Zealand radio.

"This is to frighten people, I think, when the borrowing requirements increased, but almost not so much. "

Rosenberg said the government claimed it needed to borrow 274 million NZ dollars a week over the next for years, but the CTU estimated it needed about 174 million NZ dollars to cover new borrowing.

English admitted the government was borrowing about 4 billion to 5 billion NZ dollars this financial year -- or 100 million NZ dollars a week -- more than it needed, but denied using misleading figures.

He said that taking the additional decline in lending rates, which has less than 6 percentage points from fall to just over 5 percent advantage.

"We have been very concerned that we have been borrowing more than we need, especially in the last three or four years old when the conditions have been a good few months, open. "

Government borrowing will be significantly reduced from next month. "This decline in new loan terms, down to about 100 million New Zealand dollars of dollars in revenue in the next three years. Average "

Britain says the deficit was 16.7 billion New Zealand, the New Zealand government has faced the greatest.

"The rapid growth of government debt situation, it's a measure we have taken to help us to achieve a slight reduction of debt. "

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