New Zealand Finance Minister Bill English made stern remarks about the future of the country's fiscal stance. In them he said that "we need to make sure that government doesn't continue to grow its spending at twice the rate of its revenue." Relief statements comes a month after Fitch, a popular ratings agency, cut the country's debt outlook to "negative," citing its "persistently large current account deficit." But English today gave hints that he was serious about alleviating the debt-threat. "There will be no repeat of the 32 percent increase in real government administration costs that occurred over the last five years," he added. In June, the finance minister told government employees that they would not be receiving salary increases - a start to a serious credit problem that may get out of control of spending is not curbed.
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