Opening and Balancing the Books in New Zealand

Former New Zealand Finance Minister Ruth Richardson outlines that country's Fiscal Responsibility Act.

The Fiscal Responsibility Act defines the attributes of good fiscal management, and ensures the Government meets these criteria by requiring a pre-budget opening of the books and a post-budget review of fiscal strategy. The Government is therefore more open and more accountable. The Act creates an incentive for the politicians to pursue policies in the country’s long term interests, rather than to suit short-term political ones.

 

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