New Zealand 2021 Budget Focuses On Securing Recovery
20 Maggio 2021 - 10:19AM
RTTF2
New Zealand Finance Minister Grant Robertson announced the
Budget 2021 on Thursday, giving thrust to spending and in bringing
the economy back to pre-COVID levels.
"This year's Budget is still in the shadow of COVID-19, and its
focus is to secure our recovery from its impact," Robertson said in
his speech.
The economy is forecast to grow 2.9 percent this year. Growth is
seen accelerating to 3.2 percent next year and 4.4 percent in
2023.
The improved labor market outlook and strength in economic
activity suggest that the long term effects of the pandemic will
not be as severe as previously thought, Robertson said.
The minister said unemployment is set to fall back to 4.2
percent and an extra 200,000 people will enter employment over the
next four years.
The operating balance before gains and losses, or OBEGAL,
deficit was forecast to be at nearly NZ$30 billion from 2020 to
2022 and net debt was forecast to rise to near 55 percent of GDP in
2023.
The OBEGAL is projected to be in surplus from 2026/27 - roughly
the same time the previous government took to get to surplus
following the Global Financial Crisis.
The government has boosted welfare spending. The weekly benefit
rates will be raised between NZ$32 and NZ$55 per adult. Student
support payments, both for allowances and loans, will increase by
NZ$25 per week from April 1 next year as well.
The multi-year capital infrastructure spending was raised to
NZ$12 billion from NZ$8 billion.
The government's book is likely to improve at a considerably
faster pace than the Treasury expects, Michael Gordon and Nathan
Penny, economists at Westpac, said. As that becomes apparent, there
will be scope for both more substantial spending plans and faster
debt reduction.
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