Finance Minister Grant Robertson has instructed the public service to cut spending on consultants and contractors and said he would also reduce future budget allowances.
| New Zealand’s government is tightening its belt as a domestic recession and concerns about China’s faltering economy erode tax revenue and strain its budget.
The ruling Labour Party is struggling in opinion polls less than seven weeks from a general election, as the economic downturn and soaring cost of living dent its support. Mr Robertson and Prime Ministerare bracing for the Treasury’s pre-election fiscal update on September 12, which is tipped to show a slump in revenue and bigger deficits.
In the May budget, he projected a return to surplus in the year through June 2026. However, government accounts for the 11 months to the end of May showed that tax revenue was more than $NZ2 billion behind where Treasury had forecast it to be at the budget.“Nobody watching the world would think that things are getting better since those government accounts were forecast,” Mr Robertson said.
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