New Zealand Finance Minister Willis: The economic situation is challenging for government

New Zealand’s Finance Minister Nicola Willis gave speech notes ahead of Thursday’s Pacific market session regarding New Zealand’s latest budget notes. NZ Finance Minister Willis noted that New Zealand’s economic situation continues to deteriorate, putting significant pressure on both New Zealanders and the NZ government’s abilities to operate.

Key highlights

The economic situation is challenging for government books.

Growth forecasts keep getting worse.

It won’t be a big-spending budget, this is a time for restraint but not austerity.

Tax relief will be meaningful, but modest.

Tax cuts won’t add to inflation.