Treasury has painted a very ugly economic picture for the incoming National government with cash deficits increasing, growth shrinking, tax revenue diminishing and unemployment rising.
Prime minister designate John Key was briefed by Treasury yesterday and told the economic outlook had deteriorated further since the pre-election fiscal update (Prefu).
Mr Key did not go into detail then, but told reporters the scenarios were "a little bit" worse than they had been.
"They are more pessimistic but I wouldn't describe it as Armageddon," he said.
Today outgoing Finance Minister Michael Cullen released a Treasury economic update written on November 7 -- the day before the election, but delivered to him on November 10.
Shortly after it was released, the Treasury issued a statement saying the figures were "very preliminary in nature" and were indicative only.
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