The Finance Minister's ruling out further cuts to new borrowing next year to get the Government books back to black

Treasury's Half Year Economic and Fiscal Update shows the deficit's expected to deepen more, peak at 16.9 billion dollars - and not reach a surplus this decade.

It's predicting economic growth of just 1.7 percent in 2026 - well down on the May Budget's 2.9 percent forecast.

Nicola Willis says next year's borrowing will be small relative to past Budgets.

She says in 2022 there was new operating spending of 9.7 billion dollars, compared to their 2.4.