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- New Zealand’s economic recovery from Covid is ‘a lot better than expected’ - deputy prime minister
New Zealand’s economic recovery from Covid is ‘a lot better than expected’ - deputy prime minister
CNBC reports that Deputy Prime Minister Grant Robertson told that New Zealand’s economic recovery from the Covid-19 pandemic has been “a lot better than expected.”
That has allowed New Zealand to spend “large sums of money” on helping its low-income population while still keeping its net debt in check, Robertson told.
Robertson delivered New Zealand’s latest government budget earlier on Thursday.
One highlight of the budget was boosting weekly welfare payments by up to 55 New Zealand dollars (around $39.50) per adult to tackle inequality and child poverty. Robertson said in his budget speech that the planned increase will be the largest in “more than a generation.”
The budget also allocated spending for Covid-19 vaccines, infrastructure, education and welfare of the indigenous Maori.
The planned spending is estimated to raise the budget deficit to 18.4 billion New Zealand dollars ($13.2 billion) in the fiscal year ending June 2022 before declining in subsequent years, according to New Zealand’s Treasury.
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