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XE Data Update - NZ Must Take Opportunity To Reset Economy, Finance Minister Says

New Zealand Finance Minister Grant Robertson speech notes on the NZ economy were released in emailed statement. His key points are:

  • Actively working on what comes after the wage subsidy scheme, assessing what further backing businesses and households need alongside further support for health system
  • Emphasis at Level 3 lockdown is 'safe' economic activity
  • Has established an “Economically Significant Business Group” inside Treasury to guide work with major businesses
  • “We have brought in outside commercial expertise to support this, and have begun conversations with a range of network critical businesses. There are a variety of options available should the government need to support businesses that are essential to our recovery and our supply chains”
  • “We showed with our NZ$900m package for Air New Zealand what we can do”
  • Says thousands of New Zealanders are going to need to re-train, gain new skills
  • May 14 budget will “include funding for the cost pressures that are necessary part of keeping our country ticking over” but devote “much of our resources to kickstarting this recovery”
  • “We must also make this the opportunity to reset our economy, to take account of the massive disruption to some sectors, but also to address some of the long-standing challenges we face”
  • “In doing so we also must chart a course to return to a sustainable fiscal position”
  • “We must answer the big questions about our economy in these unprecedented times. What should we make and do here in New Zealand to ensure our sustainability?”
  • Says climate change will continue to be a major challenge
  • New Zealand has had long-run problem of low productivity, need to look at uptake of new technology
  • Will need to look at greater diversification of export markets
  • “I believe it is of the utmost importance that the state continues to play an active part in the economic recovery,
    providing leadership and direction as we move forward through the challenging times ahead”

In a separate statement,

Prime Minister Jacinda Ardern announced government ministers and public service chief executives will take a 20% pay cut for the next 6 months.

The NZD marginally lower in immediate response

.

Current indicative levels are:

NZD-USD 0.6065 / 0.6090

NZD-AUD 0.9460 / 0.9485

NZD-EUR 0.5520 / 0.5545

NZD-GBP 0.4805 / 0.4830

NZD-JPY 64.95 / 65.20

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