A former Finance Minister's hailing today as extremely important as Treasury opens the Government's books. 

This afternoon's Pre-Election Economic and Fiscal Update will show the levels of Crown debt, revenue, and expenditure. 

Budget 2026 predicted a return to operating surplus in the 2028/29 financial year – a year earlier than had been signalled. 

Steven Joyce told Mike Hosking things could change quickly, but it's a helpful snapshot. 

He says it's the best anchor, that shows where things are at, to help parties explain how they'll pay for their election promises. 

Joyce is warning to 'proceed with caution' though – saying it'll be better than people think, but there are dangers with that too.  

He acknowledges it may be a vote of confidence in the Government's short-term economic management, but the big issue still remains as to how to drive debt down. 

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