"There was talk about getting a permanent lift in growth rates, making New Zealand globally competitive and reducing government spending as a share of GDP. All these are welcome.
"But as we mentioned already, there was a lack of specifics in how these goals will actually be achieved."
The only exception was an outline of the six key areas for achieving a "step change" in economic performance, he said.
They were:Investment in productive infrastructure;Removing red tape and improving regulation;Supporting business innovation and trade;Improving education and lifting skills;Lifting productivity and improving services in the public sector;Strengthening the tax system.
The Government said the recommendations from the various taskforces would be carefully considered, Mr Bagrie said.
It remained to be seen whether there would be major changes in policies in terms of the tax system and in government spending.
There was nothing new in the documents and there appeared to be implications for the Reserve Bank, he said.
ASB economist Jane Turner said credit rating agencies should be a lot more comfortable with the evident improvement in the Government's fiscal outlook.
Commenting after Finance Minister Bill English released his Budget policy statement and half-year economic and fiscal update, Ms Turner said that as expected, the Crown accounts looked a lot healthier in the medium-term.
"Part of the improvement is based off expectations of a better economic environment and part is based on careful expense management.
"Consequently, the Government's funding requirement is starting to taper off significantly in the latter years of the forecast horizon."
For governments issuing large amounts of debt in the short-term, it would become increasingly important to demonstrate some sort of exit strategy, she said.
New Zealand was starting to do that.
Compared with the previous budget, the Government's key bottom line - the obegal (operating balance excluding gains and losses) - ended up worse than expected in 2009 but forecasts for 2010 and beyond were now for much smaller deficits, Ms Turner said.
The string of smaller deficits reduced the amount of funding required.
Mr English mentioned in his statement that the Government was borrowing on average $250 million a week.
Ms Turner said the bond issuance programme had been front-loaded.
While the overall amount of debt issuance was expected to be low, the Debt Management Office would be issuing more debt in 2010 and 2011 but less than originally planned over 2010 and 2013.
That reflected the better state of government accounts in those periods.
"The new profile is smoother, and possibly also might be driven by motivation to issue debt while demand is strong and global interest rates are lower. Bond tenders this year have been well supported," she said.
Mr English said in a statement the Government's firm focus in 2010 would be achieving higher economic growth and giving businesses the confidence to invest and create jobs.
Responsible management of the Government's finances would also be essential with another six years of forecast Budget deficits.
Updated Treasury forecasts showed that both economic growth and the fiscal outlook were "a little better" than forecast in the May Budget, he said.
"That does not mean that all of the problems of the recession have passed - risks remain that growth could weaken again."
Unemployment was forecast to peak sooner and lower than previously predicted - 7% in early 2010 as opposed to 8% in the second half of 2010.
The year ahead would remain difficult for many New Zealanders, Mr English said.
