N.Z. Treasury Wants Faster Return to Surplus, Herald Reports

Nov. 19 (Bloomberg) -- New Zealand’s Treasury Department wants the country to achieve a fiscal surplus up to two years earlier than the government has planned, the New Zealand Herald reported, citing the Treasury Secretary.

The government needs to reduce its debt to protect the country against future economic shocks, John Whitehead said in a speech yesterday, according to the Auckland-based paper. The budget in May forecast a return to a surplus in the year ending June 30, 2016, the newspaper said.

To contact the reporter for this story: Chris Bourke in Wellington at cbourke4@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson at iwilson2@bloomberg.net