National saves some ammunition

The National Party is saving ammunition for the election campaign, it would seem.

After years of having to run a tight ship in choppy seas, the Government this week had an opportunity to let New Zealanders experience what it might do in friendlier conditions.

And it passed up that opportunity.

The friendly conditions are these: A healthy surplus now and more to come in the future, low unemployment, a solid rate of economic growth and better-thanforecast tax revenue.

This Government has never had a tailwind like this. The country had to take on more debt after the Canterbury earthquakes to pay for the rebuild, and it has skilfully sailed through the wake of the global financial crisis without much damage. A decade of deficits is behind us.

Thursday’s Budget could have been when we found out how National would navigate more prosperous times.

What the Budget delivered were minor tax changes, a significant helping hand to families, debt reduction and a catch-up on spending in various places where it was constrained.

It was another steady-as-shegoes offering, with the promise of rainbows on the horizon.

For all the talk of Joyce’s intention to empower a more resilient economy, troubling no-go areas still exist, notably the continued, abject disinclination to confront climate change which, during this time of purported plenty, receives extra attention totalling a mere $6 million.

With its focus on shifting wealth to those on lower or middle incomes, it was also similar to a Budget that a Labour Party might produce. This is no accident, of course. It’s election year and National wants to secure middle-ground support.

Steven Joyce is not just a minister of finance. He knows how to run an election campaign. Although he has given the electorate some idea of what it can expect if National holds on to power, he is not getting carried away. This year’s Budget is a tease.

It could be that future Budgets will more clearly reflect National’s agenda.

Politically, the risk is that some voters will be losing patience. They may think the Government should get on with its agenda now. People may well wonder what National really wants to achieve in office.

The party may make this clear on the campaign trail. But it cannot really point to the Budget and claim this has given New Zealanders a clear steer on the future.

Joyce’s Budget is canny, but the promised land is still eluding us.