NZ FinMin Robertson: Economy expected to be robust in near term
|While presenting the annual Budget on Thursday, New Zealand (NZ) Finance Minister Grant Robertson sounded optimistic on the near-term economic outlook.
Key takeaways
NZ to extend and add to support to counter high inflation hitting cost of living
A new temporary $27 a week payment for people who earned less than $70,000 last year in a $1 billion cost of living package.
Fuel tax cuts and half-price public transport extended for another two months to the end of August.
NZ sees 2021/22 operating balance before gains, losses of nz$-18.978 bln (HYEFU NZ$-20.844 bln).
NZ sees 2021/22 net debt 36.9 pct of GDP under old calculation method (HYEFU 37.6 pct).
NZ 2021/22 cash balance NZ$-31.78 bln (HYEFU NZ$-34.100 bln).
NZ sees 2022/23 GDP 4.2 pct, unemployment rate seen at 3.3%.
economy expected to be robust in near term.
NZ government forecast to return to OBEGAL surplus in 2024/25.
Market reaction
NZD/USD has recaptured 0.6300 on the NZ Budget release, currently trading at 0.6309, up 0.22% so far.
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