The opening of the government's books yesterday ahead of the election painted a picture of long term debt, rising unemployment and a slow recovery.
The Treasury figures predict unemployment to reach a peak of 7-point-8 pre cent in March 2022 - down from earlier forecasts of 10 per cent by this month - but that the jobless rate will remain higher for longer.
The figures were based on the assumption that our borders would remain closed til 2022, which the Finance Minister Grant Robertson was quick to say may not be the case.
The latest GDP - or gross domestic product - figures for the three months to June are due out later this morning - expected to show the biggest economic contraction on record.
BERL Chief Economist - Ganesh Nana and ANZ Chief Economist Sharon Zollner offer their analysis.