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Bill English - Source: ONE News -
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The government's half-year economic and fiscal update and budget policy statement for next year will be released on December 15.
Finance Minister Bill English says the update will "highlight the legacy of Labour's relentless spending increases".
Baseline budget spending has increased by 45% since 2005, at a time when inflation and the economy only grew by about 15%, English says.
"This kind of rampant spending growth is unsustainable and cannot continue," he says.
The government is borrowing around $250 million a week to keep the country going, and English says finding savings in existing spending will be critical for getting debt under control.
He says there is "ample room" for reprioritising large spending increases, and this will be a feature of next year's Budget.
English outlined examples of spending increases over the last five years such as a 234% increase in housing spending to $134 million and a 39% increase in education spending to $10.7 billion.
The government has set a $1.1 billion cap for new
spending.
