From debt to diversification, people need to rethink their presumptions about how the New Zealand economy works.
"I don't think people have grasped the sheer size of our capital spend," Finance Minister Steven Joyce told the Grant Thornton/NBR budget breakfast.
Mr Joyce is playing down tax cuts. In fact, he tends to look vague and distracted whenever the subject comes up.
Mr Joyce is talking about resilience but most people want to hear about tax cuts.