Updated long-range projections for Government debt are less unnerving than last year's but still unsustainable, the Treasury says.

Tax revenue was bigger than forecast and spending lower in the 11 months to the end of May, says Treasury.

Westpac economists expect house prices to fall about 2 per cent this year and another 2 per cent next year.

Bidders for the government's $1.5b ultra-fast broadband fund will now be invited to supply plans for "lit" fibre.

New Zealand's top broadcasting bureaucrat is tuning out of the sector to be Climate Change Ambassador.

Over the next two and a half years the emissions trading scheme will effect a substantial transfer of wealth.

The Government has embarked on a path to abolish building depreciation on virtually every building type and could hit depreciation claims on commercial building fit-outs in future, says Bayleys Valuations director John Freeman.