New Zealand does not have the fiscal headroom to increase defence spending to the levels the US might expect, Finance Minister Nicola Willis said.US Defence Secretary Pete Hegseth told delegates at an Asia security forum in Singapore on Saturday that New Zealand’s target of raising defence spending to 2 per cent of the economy is not enough and was an example of “freeloading”. He hinted that nations should aspire to a target as high as 3.5 per cent.“That would be extremely challenging,” Willis...