When National opened the books ahead of the election with the Pre-election Economic and Fiscal Update (Prefu), the projected surplus for 2014/15 fell from $372 million to $297 million. In a way, the decrease in the projected surplus was an electoral bonus for National. John Key and Bill English have been painting National as sound fiscal managers, while accusing Labour of spending projected surpluses before they’ve been achieved. The Prefu’s decrease in the 2014/15 surplus allowed National to keep their budget halo intact (“We’re still achieving a surplus as promised!”), while being able to warn that conditions were not so rosy as to allow Labour’s proposed spending increases.

David Parker’s mantra has been that all Labour’s policies were fully costed. He and Cunliffe have been desperate to appear just as fiscally responsible as National, such that Labour (and indeed even the Greens!) were boasting that they would in fact be paying…