Finance

The Government’s financial accounts continue to reflect the resilience of the economy and confidence in the Government’s economic recovery plan.

The Government’s economic recovery plan continues to be reflected in the labour market, with more people in work and unemployment falling.

The Government’s Workforce Policy Statement issued today sets out its expectations for pay and employment relations in the Public Sector, the Minister of Finance and Minister for the Public Service say.

The Government’s strong pandemic response and the better than expected economic recovery means not all the money allocated in the COVID-19 Response and Recovery Fund has been spent, Grant Robertson said in his annual pre-Budget speech to the Wellington Chamber of Commerce this morning.

The Productivity Commission will hold an inquiry into immigration settings to ensure New Zealand’s long term prosperity and wellbeing, Grant Robertson and Kris Faafoi say.

Cabinet has finalised a package of new measures to protect New Zealanders’ interests in the banking and financial system, including guaranteeing deposits of up to $100,000 per eligible institution.

The Government is continuing to support Air New Zealand while aviation markets stabilise and the world moves towards more normal border operations.

The economic recovery from COVID-19 continues to be reflected in the Government’s books, which are again better than expected.

Budget 2021 will be delivered on Thursday 20 May, Finance Minister Grant Robertson announced today.

The Government has announced a housing package that will increase the supply of houses and remove incentives for speculators, to deliver a more sustainable housing market.

Today’s GDP figures show the economy remains resilient and among the best in the world despite the impact of the COVID-19 pandemic, and reinforces the steps the government has taken to support the economy and secure the recovery, Grant Robertson said.

The International Monetary Fund’s (IMF) latest annual review of the New Zealand economy shows the Government’s sound management of the COVID-19 pandemic kept New Zealanders safe and accelerated the recovery, Finance Minister Grant Robertson said.

New Zealand’s economic recovery has again been reflected in the Government’s books, which are in better shape than expected.

The Government has confirmed details of COVID-19 support for business and workers following the increased alert levels due to a resurgence of the virus over the weekend.

The Reserve Bank is now required to consider the impact on housing when making monetary and financial policy decisions, Grant Robertson announced today.

The Government’s handling of the COVID-19 pandemic and faster than expected economic recovery has been acknowledged in today’s credit rating upgrade.

The new Resurgence Support Payment passed by Parliament this week will be available to eligible businesses now that Auckland will be in Alert Level 2 until Monday.

The latest update shows the Government’s books are again in better shape than forecast, meaning New Zealand is still in a strong position to respond to any COVID-19 resurgence.

Figures released today by Stats NZ show there was strong growth in median household incomes in 2020, before surveying was halted due to COVID-19.

Legislation will be introduced under urgency today to set up a new Resurgence Support Payment for businesses affected by any resurgence of COVID-19.

Budget 2021 will sharpen the focus on supporting the New Zealand economic recovery as the Government continues to keep New Zealanders safe from COVID-19.