The charts reveal the results of the cut in the income tax rate from 39 to 33 cents, which was in theory partly paid for by an increase in the GST rate from 12.5 to 15 per cent. They also reveal a massive reversal in a decade-long trend of improvement in New Zealand's public debt position.

Special Offers

• Generate more leads and sales with Zeald's free website audit

• Don't miss the Ride of a lifetime!

• Herald Homes – get your weekly showcase of stunning properties.

• National and international travel. Get the latest from Air NZ. More deals every day

• NEW CALEDONIA–The Pacific’s French Riviera 4N $1299pp incl Bkst + Add 3 ext Nts for $299pp

• KiwiSaver contributions for employers changed 1 April. Is your payroll up to date?

• You could save by switching your business landlines & broadband to Vodafone BizComplete