It applies to two things today:
But: he needs to say so. He needs to come out and say: "Look. Labour's last budget did most of the heavy lifting in responding to this financial crisis. The spending increases and tax cuts were very big, and they are working with the RBNZ's interest rate cuts to do all that government can really do at this point." If he doesn't say that, then I and others are entitled to ask: "Is that it?" For if he won't acknowledge that then he must have more up his sleeve.