Public debt up $1 billion
PA Wellington New Zealand is ploughing further into debt, according to the report of 'he Controller and Audi-tor-General (Mr A. C. Shailes). The report, tabled in Parliament, shows public debt outstanding at March 31 was 57.483.8 M — a net increase during the year of 51.194.6 M. The increase comprises $620.1M of external debt and 5574.5 M of internal debt. The net increase in the public debt during the year of $1,184.6M amounted to 19 per cent, com-
pared with increases of 13.2 per cent in 1976-77, 32.3 per cent in 1975-76. and 12.5 per cent in 197475. In the period from March 31, 1974, to March 31. 1978. the total debt outstanding has almost exactly doubled. Of the total debt at March 31. 1978. external debt represented 32.7 per cent. This compares with 29 per cent at March. 1977, 12.5 per cent at March, 1974, and percentages ranging from 16.1 to 20.5 over the period March, 1967, to March, 1973.
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Press, 9 June 1978, Page 8
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165Public debt up $1 billion Press, 9 June 1978, Page 8
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