Reported 4 months ago
New Zealand's government delivered a budget with modest tax relief and reduced new spending amid a struggling economy, rising unemployment, and a weaker balance sheet. Finance Minister Nicola Willis highlighted the challenges faced by the economy, including high inflation and a technical recession, as the government aims to provide relief to lower- and middle-income earners through changes to personal income thresholds and tax credits. The budget faced criticism for neglecting the Indigenous Maori population, with protesters rallying across the country. The government predicts a budget deficit for 2023/24 and aims to return to surplus in 2027-28, while emphasizing the need to contain inflation and stimulate economic growth.
Source: YAHOO