Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Strong Govt books support ‘go hard, go early’ response

Hon Grant Robertson

Minister of Finance


PĀNUI PĀPĀHO

New Zealand’s ability to go hard and go early in the fight against COVID-19 has been underpinned by strong Government finances and the growing economy heading into this global pandemic, Finance Minister Grant Robertson says.

The Treasury today released the Crown financial statements for the eight months to the end of February. Net debt was $600 million below forecast at 19.2% of GDP, and the surplus of $1.4 billion was $100 million above forecast.

“Obviously, these numbers will look a lot different when the next set of accounts come out. But they indicate the economy’s strength and the Government’s ability to soften the impact and support New Zealanders and businesses,” Grant Robertson said.

“Governments around the world are lifting debt to pay for increased health spending and support for their economies. Advanced economies are starting from an average net debt position above 70% of GDP, with the UK around 75%, the US above 80%, Italy above 120% and Ireland above 50% of GDP.

“We are using our Government’s strong balance sheet to go hard and go early in our public health response, cushion the blow for workers and businesses, and position the economy for recovery.

“This includes the wage subsidy scheme that will be worth between $8 billion and $12 billion so businesses can keep workers on their books and support people to stay home, break the chain and save lives during Alert Level 4.”

Other measures the Government has announced to date include:

The $500 million increase to public health funding for the immediate response.
A six-month deferred mortgage scheme for home-owners affected by the virus, so people don’t lose their homes due to COVID-19.
The $6.25 billion Business Finance Guarantee, and business tax measures to support cashflow, and help businesses continue to operate.
A doubling of the Winter Energy Payment so older New Zealanders can stay warm during winter.
Main benefit increases, and
Rent freezes and a ban on terminations of tenancies/evictions other than in exceptional circumstances.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The George Floyd Protests

Poverty, discrimination and repeated acts of police brutality all help to explain the rage being expressed on the streets of American cities right now after the death of George Floyd but there is a more immediate cause as well: Decades of research on police shootings and brutality reveal that officers with a history of shooting civilians, for example, are much more likely to do so in the future compared to other officers... More>>

 

Gordon Campbell: On The Twitter Wars, And The Muller Muddles

Whatever the failings of our own politicians, spare a kind thought for the majority of Americans who did not vote for Donald Trump. Sure, it was depressing this week to watch Todd Muller clinging for dear life to his talking points on Q&A, ... More>>

ALSO:

Green Party: Statement On The Death Of George Floyd

“Today and every day we stand in solidarity with George Floyd’s family, friends and community who feel pain and fear about his untimely death at the hands of Minneapolis police”, said Green Party Co-leader and Māori Development spokesperson Marama ... More>>

ALSO:


Government: Freshwater Package Backed By Comprehensive Economic Analysis

Decisions on the Action for Healthy Waterways package are supported by comprehensive environmental and economic impact analysis by leading New Zealand research institutes, universities, and private sector firms. More>>

ALSO:

National: "Todd Muller Announces Shape Of Next Government"

National Party Leader Todd Muller has announced the line-up of the next Government. “New Zealand is facing perhaps the toughest time that almost anyone alive can remember. “We are borrowing tens of billions of dollars to get us through this crisis. There ... More>>

ALSO:

Lockdown Rules: Government Must Explain Why We’re Still At Level 2

The Government needs to explain to New Zealanders why it won’t consider a move to Alert Level 1 for another week, Leader of the Opposition Todd Muller says.
“Kiwis have made enormous sacrifices to flatten the curve, but if their efforts still aren’t enough to move to Level 1 then the Government must explain why.... More>>

ALSO:


Gordon Campbell: On National’s Day Of Reckoning

Congratulations. You are one of the 55 members of the National caucus being called together tomorrow to choose who will lead you to either (a) catastrophic or (b) honourable defeat on September 19, thereby saving some (but not all) of the jobs currently on the line. Good luck. Your decision process starts NOW... More>>

ALSO:


Budget 2020: Jobs Budget To Get Economy Moving Again

Investments to both save and create jobs in Budget 2020 mean unemployment can be back to pre COVID-19 levels within two years and could see the economy growing again as early as next year. More>>

ALSO:

Government: Queen's Birthday Honours List 2020

The New Zealand Order of Merit The Queen has been pleased, on the occasion of the celebration of Her Majesty's Birthday, to make the following appointments to The New Zealand Order of Merit: DNZM To be Dames Companion of the said Order: Distinguished ... More>>

Government: Support For Arts And Music Sector Recovery

A jobseekers programme for the creative sector and four new funds have been set up by the Government to help our arts and music industry recover from the blow of COVID-19. Thousands of jobs will be supported through today’s $175 million package ... More>>

ALSO:

Government: New Zealand Joins Global Search For COVID-19 Vaccine

Foreign Affairs Minister Winston Peters, Research, Science and Innovation Minister Megan Woods, and Health Minister David Clark today announced a COVID-19 vaccine strategy, which will enable New Zealand scientists to contribute to global research efforts ... More>>

ALSO:

The Dig: Steady State Economics: We’ve Got Some (systems) Thinking To Do

In this time of impending economic and ecological crises, we urgently need to aim for a sustainable or ‘steady state’ economy. In order to get there, we will need to adopt a ‘systems-thinking’ outlook taking into account the interconnections of our complex world.

In short, we’ve got some systems thinking to do... More>>

ALSO:

Election 2020: Parties Get Into gear

The Green Party is pleased to reveal its candidate list for the upcoming election. With a mix of familiar faces and fresh new talent, this exceptional group of candidates are ready to lead the Greens back into Government. Using the most democratic list ... More>>

ALSO:

Insight Into Regenerative Agriculture In New Zealand

There is a fast growing movement in New Zealand that has been happening out in paddocks, fields, gardens and hill country across the nation. It is a movement that holds the promise to reshape our productive land use industries towards systems that work with the natural environment to regenerate the land. The movement is that of regenerative agriculture. More>>

ALSO:

Covid-19: Tracer App Released To Support Contact Tracing

The Ministry of Health has today formally released the NZ COVID Tracer app to support contact tracing in New Zealand. Kiwis who download the app will create a digital diary of the places they visit by scanning QR codes displayed at the entrances to ... More>>

ALSO:


Govt: Deep Concern At Hong Kong National Security Legislation
Foreign Affairs Minister Winston Peters today reiterated the deep concern of the New Zealand Government following confirmation by China’s National People’s Congress of national security legislation relating to Hong Kong.... More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels