Read all about it at the Herald website: http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10493094
The first few paragraphs say it all:
"Those hoping for big tax cuts may be disappointed.
The New Zealand government's operating financial surplus for the six months to December 31 has come in way below forecasts at $815 million, according to figures released by Treasury this morning.
The surplus is $1.7 billion - that's 67.5 per cent - below forecast, primarily due to Super Fund investment losses caused by depressed global equities markets.
Dr Cullen will not be happy with the result, but he will be pleased that it will destroy the arguments of those who claim the operating surplus is available as cash to spend or return as tax cuts."
Then again - that's only THIS YEAR'S surplus - 2007-8. What has happened to the rest of the record surpluses"?