The Government accounts plunged further into the red in the five months ended November with every indication that worse is to come.
Government spending went up at the same time as government revenue fell and investments the Government holds through the New Zealand Superannuation Fund, ACC and the Earthquake Commission took a beating in the period.
Instead of meeting a forecast surplus of $1.4 billion, Treasury reported a $5.7 billion deficit.
Social assistance benefit payments increased in the period and the tax take was down.
With the world economy deteriorating substantially since the completion of the accounts, it is likely that remaining Treasury forecasts are already out of date.
