Robertson, New Zealand's Finance Minister: The economy is projected to be strong in the near future.

On Thursday, while presenting the annual budget, New Zealand (NZ) Finance Minister Grant Robertson seemed to be positive and confident about the future economic outlook.

May 19, 2022 - 04:01 PM 223 views

Robertson, New Zealand's Finance Minister: The economy is projected to be strong in the near future.

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© Robertson, New Zealand's Finance Minister: The economy is projected to be strong in the near future.

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On Thursday, while presenting the annual budget, New Zealand (NZ) Finance Minister Grant Robertson seemed to be positive and confident about the future economic outlook.

Important Takeaways

New Zealand (NZ) continues to add support in order to strengthen the economy and beat the high inflation rates which are hitting the cost of living.

In regards to the $1 billion cost of living package, the NZ government provides $27 per week for those people who have earned less than $70,000 in the previous year.

Cuts in gas prices and fuel taxes and provision of public transport for half price will be extended for another two months till the end of this August.

NZ forecasts a nz$-18.978 billion operating balance before gains in 2021/22 (HYEFU NZ$-20.844 billion).

Under the old calculation technique, New Zealand's net debt will be 36.9% of GDP in 2021/22. (HYEFU 37.6 pct).

NZ cash balance 2021/22 HYEFU NZ$-34.100 bln (NZ$-31.78 bln).

New Zealand's GDP is expected to grow by 4.2 percent in 2022/23, with an unemployment rate of 3.3 percent.

In the short term, the economy is likely to be strong.

In 2024/25, the New Zealand government is expected to return to OBEGAL surplus.

The Market Reaction

The NZD/USD currency pair has recovered to 0.6300 points on the release of the New Zealand (NZ) annual budget and now it is trading at 0.6309 points, up 0.22% so far.

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