Barry Soper: ZB senior political correspondent on Nicola Willis' 'no-frills' pre-Budget speech - Heather du Plessis-Allan Drive

The Finance Minister turned up to readjust expectations ahead of this year's Budget.

Addressing the Employers and Manufacturers Association in Auckland this afternoon, Nicola Willis has warned the Government faces a structural deficit.

That's the fact Government spending has way exceeded tax revenue, and it's projected to continue without significant spending reforms.

ZB senior political correspondent Barry Soper explains how this update will impact next week's Budget reveal.

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