NZ makes huge gains

THE New Zealand Government has unveiled a bumper $NZ5.5 billion ($A5 billion) surplus, with debt falling to target levels four years early.

The surplus for the year to June was the country’s largest since 2008 and is about $NZ2.4 billion ahead of official expectations, according to statements released yesterday.

Core debt, meanwhile, dropped to 19.9 per cent of gross domestic product. The Government’s plan was to get to below 20 per cent by 2022. The results are the first major check on the Labor administration’s economic management.