What other 'bills' are going to pop up from the previous governments mismanagement I wonder?
That the Government is already facing a capital expenditure squeeze was evident yesterday in Parliament when Finance Minister Grant Robertson told the House that before the 2017 Budget the capital expenditure budget was over subscribed by 448 percent.
There were 13.4 billion of bids for only a $3 billion allowance. (This has been added to the original story after a clarification from Robertson's office.)
Hon Steven Joyce: Is the finance Minister aware that the defence capital plan is for $20 billion of expenditure over 15 years and is able to be funded by a combination of depreciation and the nearly $110 billion of unallocated capital funding over that same period of time, and does he consider that his increasingly frequent attempts to divert attention from his plan to ramp up debt risk looking a little silly?
Mr SPEAKER: The Minister can answer any one of those three questions.
Hon GRANT ROBERTSON: I will not be lectured by that member, who grew Government net debt by $15 billion on his watch. If there is anyone in this House who needs to take responsibility for debt levels, it's that member. I would also say that the $110 billion he mentioned is based on some heroic assumptions that he made, is heavily back-loaded, and, in fact, contains only $33 million of forward spending in the next 10 years.