NZ finmin Robertson says economic damage will be felt acutely in New Zealand

Forex

NZ finmin Robertson says economic damage will be felt acutely in New Zealand

New Zealand Finance Minister Grant Robertson speech

  • says the global pandemic and the resulting economic damage will be felt acutely here
  • despite the additional borrowing we will need to undertake, we will remain among the least indebted countries among our peers
  • country will be running operating deficits for an extended period and allowing net core crown debt to increase to levels well beyond previous targets
  • says numbers we will see in the budget next week are sobering
  • path forward to recovery will be challenging; business investment and confidence will take a hit and unemployment will rise
  • there will be further support for the recovery and rebuild after budget day
  • budget focus will be on providing strong public services and taking our next steps to recover and rebuild
  • new spending packages planned on five priorities that were announced in the budget policy statement have been re-assessed
  • there is an opportunity to break the housing shortage once and for all
  • says budget 2020 will carry on this work of supporting industries hit by coronavirus
  • a move to alert level 2 will see the vast majority of businesses and workers back

See here for global coronavirus case data

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