The Wellbeing Budget 2020: Rebuilding Together
Posted: 19 May 2020
The government’s Budget, presented by the Minister of Finance the Hon Grant Robertson on 14 May has addressed, in the words of the Minister, “a 1-in-100 year health and economic challenge” as it moves to rebuild the economy post-COVID-19.
“With the outbreak of COVID-19, New Zealand now faces a 1-in-100 year health and economic challenge. The pandemic continues to evolve, and it has already caused enormous social and economic disruption. It has required agility on the part of New Zealanders, the Government included,” said the Minister.
“We have quickly reoriented the Budget 2020 package to focus on maintaining critical support for existing public services and supporting key infrastructure investments. This has meant putting ‘on ice’ new initiatives under priority spending areas that were announced in the Budget Policy Statement. We may well return to these projects, but for now our focus is on our response, recovery and rebuild from COVID-19.”
The focus of the Budget is to grow New Zealand’s economy, create jobs, strengthen the country’s public service and to start to rebuild together.
Key spending:
- $50 billion to deliver the COVID-19 Response and Economic Recovery Plan with the goal of saving up to 138,000 jobs
- $4 billion business support package that includes a $3.2 billion extension to the wage subsidy scheme
- $3 billion infrastructure investment and a public housing build programme for 8,000 new homes that should boost productivity and create more jobs
- $1.6 billion trades and apprenticeships training package
- $1 billion environmental jobs package that includes initiatives to boost pest control and for the restoration of wetlands
- $3.3 billion to strengthen core services, including health and education
- $1 billion to Māori focussing on job creation, and
- Almost $200 million to support Pacific peoples.
Want to know more? Click here to read the full issue
DISCLAIMER: All the information published in the Property eSpeaking, Commercial eSpeaking, Trust eSpeaking, Rural eSpeaking, and Fineprint newsletters is true and accurate to the best of the authors’ knowledge. It should not be a substitute for legal advice. No liability is assumed by the authors or publisher for losses suffered by any person or organisation relying directly or indirectly on this article. Views expressed are those of individual authors, and do not necessarily reflect the view of this firm. Articles appearing in Property eSpeaking, Commercial eSpeaking, Trust eSpeaking, and Fineprint may be reproduced with prior approval from the editor and credit given to the source. Copyright, NZ LAW Limited, 2019. Editor: Adrienne Olsen. E-mail: [email protected]. Ph: 029 286 3650 or 04 496 5513.
