• The article discusses Nicola Willis, a National Party MP in New Zealand, and her apparent "surplus fetish" – her emphasis on the importance of running budget surpluses. The author, Gordon Campbell, argues that this focus on surpluses is misguided and that it can lead to austerity measures that harm the economy and social services. He suggests that Willis' stance is ideologically driven rather than being based on sound economic principles.

• Campbell contends that the pursuit of budget surpluses is often used as a political tool to justify cutbacks in government spending, even when the economic conditions may not warrant such austerity. He points out that many economists, including those from the International Monetary Fund, have questioned the value of rigid adherence to surplus targets, especially during economic downturns when increased government spending may be more beneficial.

• The article also suggests that Willis' surplus fetish is part of a broader trend within the National Party, which has historically been more inclined towards fiscal conservatism and a reduced role for the government in the economy. Campbell argues that this approach may be out of step with the current economic and social challenges facing New Zealand, and that a more nuanced and flexible approach to fiscal policy may be more appropriate.