After delivering a solid set of crown accounts on Thursday Grant Robertson has faced calls from the Right to give his surpluses back by way of tax cuts. And from the Left to spend more on social services.

Treasury's half-year budget and economic update, or HYEFU, showed inflation-adjusted economic growth rising from 2.7 per cent in the year to June 2018 to peak at 3.1 per cent in the year to June 2020 before drifting back to 2.3 per cent in the June 2023 year.

Debt reduction is running slightly ahead of the Government's own self-imposed track.

The update also showed net core Crown debt falling from 20.9 per cent of GDP in 2018/19 and as low as 17.4 per cent of GDP in 2022/23.


But despite solid the surpluses Robertson held the line, offering up no new allowances for Government spending in the Half Yearly Economic and Fiscal Update (HYEFU).

Is he being too cautious?

On the Economy Hub this week ASB chief economist Nick Tuffley helps to unpick the detail of the accounts.

And look at whether we could see more spending announced at the full Budget in May.