NZ 12.1bn package, circa 4% of GDP, which is greater than the response to the GFC
- New Zealand government will invest NZD$500 mln on healthcare, $5.1 bln on wage subsidies, nz$126 mln on leave and self-isolation support
- includes nz$2.8 bln income support package; nz$2.8 bln in business tax changes
- NZD$600 mln initial support for aviation sector
Finance Minister Robertson
- says a recession in NZ is almost certain
- says many New Zealanders to lose jobs and some business will fail
- says treasury forecasts show with the package annual growth will drop to 1% by q1 2021
- says debt will substantially increase; core crown debt will go over 15-25% target
- says this year's budget to be the second phase of broader recovery package
Fin Min Robertson's forthright approach, is it better than the empty 'it'll be all great!' e have heard from elsewhere? I think it is.
