He has previously said the extra capital spending would be partly to fund the Government's contribution to the multi-billion City Rail Link. The lower debt target implies the Government is looking to further tighten its fiscal outlook, but the 10 to 15 percent target is actually above the latest Treasury projections that saw net debt at 8.

It actually forecast net debt would be negative Global bond markets and credit ratings agencies are not agitating for New Zealand to borrow less in either the short or long terms. Demand for Government bonds remains very strong as ageing populations in developed and developing countries look to put their savings into less volatile assets with strong credit ratings.

Standard and Poor's and Moody's have recently reaffirmed their AA and Aaa ratings respectively and have pointed to the Government's already ample ability to respond to shocks. With government debt at moderate levels, New Zealand has higher fiscal flexibility than in many other high-income economies.


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The average gross debt for OECD countries in calendar was 86 percent, almost triple New Zealand's gross debt in that year of around 35 percent. New Zealand's 10 year Government bond yield is currently at just over three percent and up from a record low of 2. Joyce argued after the speech that interest rates are likely to rise, but Government bond markets are not forecasting any rapid rise in Government bond yields over the next ten years.

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Labour Finance Spokesman Grant Robertson said he was still committed to reducing net debt to 20 percent of GDP by , which both Labour and the Green parties committed to in their fiscal pact announced last month. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: General contact details of provider: If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.


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