The economic slowdown is likely to be having a major impact on the Government's books. 

Treasury is releasing its Pre-election Economic and Fiscal Update at 1pm, the final fiscal update before Advanced Voting begins in two weeks. 

It's expected to show revenue is lower and debt is higher than forecast in May's Budget. 

Economist Michael Reddell told Mike Hosking that New Zealand now has a very high fiscal deficit. 

He says while our debt is below the OECD average, it's much higher than it's been in the past. 

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