ASB's chief economist says Treasury's been able to reflect the fact the country came out of lockdown a bit sooner than expected, and performed relatively well

The opening of the Government's books yesterday shows our economy faring better than anticipated - but the future outlook is less rosy than in May's Budget forecasts.

Nick Tuffley says the original Treasury forecast of a fairly sharp rebound, as we're heading over the longer term has been shaded back.

He says that means Government revenues aren't quite as robust over the longer term as originally forecast.