The Finance Minister has told business heavyweights she absolutely rejects austerity

Nicola Willis addressed the Herald's annual Mood of the Boardroom event in Auckland this morning - where leaders ranked economic confidence at 3.2 out of 5.

The Minister says the National-led Government is taking a moderate approach and aims to return Crown debt to 30 percent of GDP.

Willis says re-prioritising spending must become the norm for future budgets - to invest in areas with most need.

She says it was appropriate spending increased temporarily during Covid under the last government - but it became too baked in.