New Zealand unveiled a record NZ$50 billion ($30 billion) spending package on Thursday to revive an economy hit by the coronavirus pandemic, but warned it may not be enough to stop thousands from losing jobs and businesses shutting.
FILE PHOTO: New Zealand's Finance Minister Grant Robertson speaks during a media conference in Wellington, New Zealand, May 17, 2018. REUTERS/Jonathan Barrett
The NZ$50 billion will be spent over a four-year forecast period and is more than any New Zealand government has ever spent in one budget. The dark outlook comes as neighbouring Australia on Thursday reported record monthly jobs losses of about 600,000 in April. “We expect New Zealand’s economy to recover faster than the budget assumes, aided by the quicker easing of lockdown restrictions than assumed in the budget,” the agency said.
But she faces a tough task rebooting the $200 billion economy, which is dependent on trade and tourism, with growth expected to slow significantly and hundreds of thousands of jobs to be lost.
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