Story: Taxes

Economic miracle

Economic miracle

Finance Minister Robert Muldoon holds up his 1978 election-year Budget as he walks on water, propped up by overseas borrowing. Taxes were not raising enough money to cover government spending, so Muldoon borrowed money overseas to make up the shortfall. Economic problems signalled that taxation needed significant reform, but Muldoon resisted making structural changes.

Courtesy of Peter Bromhead

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Alexander Turnbull Library
Reference: A-427-1-001
Cartoon by Peter Bromhead

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

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How to cite this page:

Paul Goldsmith, 'Taxes - Gradual complication of the tax system – 1960 to 1984', Te Ara - the Encyclopedia of New Zealand, (accessed 18 May 2022)

Story by Paul Goldsmith, published 11 Mar 2010, updated 2 Sep 2016