The resilience of the New Zealand economy, including through strong employment data and low levels of government debt, is supporting Kiwis as the moderation in economic activity is being reflected in the Government’s books.
Hon Grant Robertson
Government and councils are continuing their discussions on how to share the cost of buying out high risk properties following the North Island weather events.
The Government is further supporting businesses, including growers and farmers affected by the North Island weather events earlier this year.
The Reserve Bank’s Monetary Policy Committee remit and charter is largely unchanged following the first five-year review, with only minor changes to the monetary policy framework.
An additional $128 million will be invested into the tertiary sector to increase tuition subsidies at degree-level and above by a further four percent in 2024 and 2025.
The economy is showing its resilience in the face of the second largest natural disaster to hit New Zealand, with GDP falling a fraction (0.1%) during the first three months of the year.
The Government is welcoming the Auckland Council’s initial engagement with property owners affected by extreme weather events earlier this year.
Grant Robertson will leave on Wednesday to travel to Sydney and Canberra to meet with business and political leaders to promote investment and strengthen relations with our closest neighbour.
Finance Minister Grant Robertson and Climate Minister James Shaw have met in Wellington with their Australian counterparts, Treasurer Jim Chalmers and Climate and Energy Minister Chris Bowen, for the inaugural Australia–New Zealand Climate and Finance Ministers’ meeting.
The Government will enter into a funding arrangement with councils in cyclone and flood affected regions to support them to offer a voluntary buyout for owners of Category 3 designated residential properties. It will also co-fund work needed to protect Category 2 designated properties.
The Government is setting aside $6 billion to build back better with greater resilience from the recent Auckland floods and Cyclone Gabrielle, and protect New Zealanders from increasingly severe and unpredictable weather events.
The Government has announced a billion dollar flood and cyclone recovery package as part of Budget 2023 that covers the basics of rebuilding roads, rail and schools while preparing for future events with a big investment in flood protection measures.
The Cyclone Recovery Minister has set out the next steps for property assessments in areas affected by the severe weather events earlier this year.
Budget 2023 strikes a careful balance between supporting New Zealanders with the costs of today, while also charting a course for a more productive and resilient economy.
Moderation in economic activity is being reflected in the Government’s books, although New Zealand is still well positioned to deal with the challenges ahead, including the cost of living, the impact of recent extreme weather and the uncertain global economy.