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NZ 'wellbeing' Budget Release - NZD unchanged

The partially-leaked NZ “wellbeing” Budget has just been officially released (and is currently being delivered in Parliament).

The key budgetary points are:
2018/19 Operating surplus before gains, losses (OBEGAL) +$3.465 bio (half year economic fiscal update (HYEFU) +$1.724 bio)
2019/20 OBEGAL surplus +$1.313 bio (HYEFU +$4.113 bio)
2020/21 OBEGAL surplus +$2.131 bio (HYEFU +$5.084 bio)
2018/19 Net debt 20.1% of GDP (HYEFU 20.9%)
2018/19 Cash balance -$2.785 bio (HYEFU -$4.993 bio)
2019/20 Cash balance -$4.191 billion (HYEFU $2.506 bio)
2018/19 GDP +2.1% (HYEFU +2.9%)
Increasing operating allowance to average $3.8 bio each year over 4-year forecast period from $2.4 bio
Plans to move to 15-25% debt target range from 2022, target remains 20% of GDP until then
Increased government spending will help domestic economy in face of global slowdown
US-China trade dispute, Brexit uncertainty and slowing global economy pose continuing risks
The NZD is unchanged in immediate response.

Current indicative levels are:

NZD-USD 0.6505 / 0.6530
NZD-AUD 0.9400 / 0.9425
NZD-EUR 0.5840 / 0.5965
NZD-GBP 0.5150 / 0.5175
NZD-JPY 71.25 / 71.50


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