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 structural changes.
Courtesy of Peter Bromhead
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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.