The Budget dominates morning newspapers on Friday.
'Bill's Big I.O.U' is the headline for The New Zealand Herald. The paper says the Super Fund will be $19.5 billion short by 2020; two tax cuts have been deferred; and big deficits mean the Government will be borrowing for nine years.
The Dominion Post's headline is 'Slash and Burn' and the paper outlines what it calls 'The Good, The Bad and The Ugly' aspects of the budget.
The paper says the budget has been given a big thumbs up by Standard & Poor's, with a surprise upgrade to New Zealand's credit rating.
The Press leads with the story of boy racers who trapped a lone female security guard near Christchurch airport.
The Budget is the other big story on the frontpage: tax cuts are off as the Government fights the recession.
Also reported is a statement by Finance Minister English: "The world has moved very quickly from the best of times to the worst of times".
The headline in The Otago Daily Times is: 'Recovery the catchcry of sober Budget. It says the Budget struck a balance between delivering support to the economy and being responsible about long term expenses and debt.
Also on the front page is the rescue of a Austrian man, 25, who went tramping with only a sleeping bag and a can of baked beans. His actions have been labelled naive.
