jun 27, 1994 - Fiscal Responsibility Act (FRA) - passed

Description:

FRA placed GDP ratio limits on both public debt and operational spending for central and local government.

This restricted central ability to take on debt to pay for infrastructure, and placed the burden of funding infrastructure largely on local councils

Source:

https://thespinoff.co.nz/business/19-03-2021/bernard-hickeys-when-the-facts-change-a-cacophony-of-magical-thinking-on-housing

https://www.nzier.org.nz/publications/the-fiscal-responsibility-act-1994-the-astonishing-success-of-a-weak-non-binding-policy-nzier-public-discussion-paper-20181

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