This is partially acknowledged in yesterday’s Budget. It needed to be so-called "no frills" because of the underlying financial pressures.
It was no frills and no thrills, although spending is still up considerably.
Finance Minister Grant Robertson will also be hoping it is no spills — that Labour has done enough and is trusted sufficiently to defeat National in this year’s election. Budgets set out spending for the next year and look beyond.
Of course, they are far more than just about the money. They are also political documents with plenty of spin. They are about a narrative with which to go to the voters.
Canny Mr Robertson endeavours to bat in the same way as former Labour finance minister Michael Cullen.
The idea is not to rock the waka too much, while incrementally pushing to the left. A policy here and a policy there, however, increases spending and soon adds up.
Even in this cautious Budget, the changes add up to about $9.4 billion in extra spending over the next four years.
The extension of 20 hours of free early childhood education to 2-year-olds, for example, costed at $1.2 billion over four years.
Mr Robertson has been constrained by inflation and the Reserve Bank’s efforts to fight it.
The additional spending and a continued deficit for a year longer than earlier planned put more money into the economy, potentially boosting inflation.
That could prompt the Reserve Bank to raise interest rates a little further than it envisaged.
Treasury now predicts New Zealand will not quite move into "recession", in part because of the boost in spending from cyclone recovery and because of the rapid increase in migration. It also predicts inflation will fall relatively quickly. It is questionable whether these will occur together.
While international inflation is reducing, domestic inflation is feeding on itself.
The high increases in public sector wages will not help.
Net Crown debt was $59 billion when Labour took office in 2017 rising to $128 billion now, due in large part to Covid and "quantitative easing".
Another jump to $181 billion is predicted in 2027.
Some point to much higher debt in the United Kingdom and the United States and say this country should "invest" more.
But not only are those nations paying high prices for their indebtedness, but New Zealand is also far more vulnerable as a small, isolated country still heavily dependent on primary exports.
Too many "rainy days", like the cyclone and Covid, are weakening New Zealand’s resilience and reserves.
At the same time, New Zealand is running horrendous and record-high balance of payments deficits, not much short of 10% of GDP, according to the latest figures. In other words, we are not paying our way in the world.
Meanwhile, Government’s share of GDP has risen toward 35%.
That is too much, and Mr Robertson says levels should be trimmed back towards the more normal 30%.
Because massive costs loom — particularly for infrastructure including water and climate change response and mitigation- there is every reason for the Government to be prudent in regular spending.
It is only in these long-term areas that further debt can be justified.
Taxpayers continue to be stung by tax-bracket creep. As wages increase, more income is taxed at higher rates.
This is a primary way the Government has increased its tax take.
Inflation boosts GST returns as well, while also increasing Government costs.
There is an allowance of $2.3 billion alone to 2027 for "public sector pay adjustment".
Although New Zealanders expect their standard of living to rise as of right, the Covid hangover, the infrastructure needs and climate change costs combine in confronting challenges in the years ahead.
There is some truth to Opposition claims Labour has been profligate with wasteful spending since 2017.
Nonetheless, New Zealand has, at least, stayed on a mainstream economic course. It leaves this country in fair shape for the trials ahead.
