This cartoon depicts Prime Minister and Finance Minister Robert Muldoon in 1977 as a sardine, squeezed by rising prices and increasing costs of government expenditure. At this time taxes were not raising sufficient funds to cover government spending. The shortfall was made up by overseas borrowing – effectively passing the cost on to future taxpayers.
Te whakamahi i tēnei tūemi
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.