Mr English later confirmed most of this shortfall in forecast recoveries related to Allan Hubbard's South Canterbury Finance which failed in August last year triggering a $1.77 billion taxpayer-funded payout to investors under the deposit guarantee scheme.
That latest revision upped the Government bill for the failed finance company to $1.2 billion.
Labour has called that a "disaster of epic proportions". Its Finance spokesman David Cunliffe called on Mr English to resign for "grossly mishandling" the issue by rejecting recapitalisation offers in favour of putting the company in receivership.
No, Mr Cunliffe; THIS is a disaster of epic proportions:So is this:
Not to mention this:
No; it's not good that the Crown had to bail out South Canterbury Finance. But in the greater scheme of things, how does $300 million stack up against the thousands of lives lost in three humanitarian tragedies in barely the last year? The bottom line; it doesn't.
To call the South Canterbury Finance bailout a "disaster of epic proportions" is the worst kind of hyperbole, especially when it was the Labour Government that first conceived the Retail Deposit Guarantee Scheme. Labour and David Cunliffe are grasping at straws in an increasingly desperate battle for relevance.
Perhaps John Key should call Phil Goff's bluff and have the Government resign en masse, forcing an early election; giving the opposition turkeys an early Christmas seems like a pretty good idea right at the moment ...