December 20, 2023
1 min read

New Zealand Govt Initiates Economic Repair

The repair will also deliver cost of living relief and restore responsibility to the management of public finances…reports Asian Lite News

The New Zealand government is starting a massive economic repair job to fix the country’s “fragile economy”, Finance Minister Nicola Willis said on Wednesday.

The repair will also deliver cost of living relief and restore responsibility to the management of public finances, Xinhua news agency quoted Willis as saying.

The repair plan was in response to the latest half-year economic and fiscal update, which highlights high and sticky inflation, high interest rates and reduced economic output, the Minister said.

The update shows the scale of the financial challenges and fiscal risks New Zealand faces.

The government announced a “mini-Budget” setting out the immediate steps the government is taking to strengthen New Zealand’s economy, repair public finances and deliver cost-of-living relief.

The mini-Budget draws a line under six years of economic mismanagement and unveils a new chapter for New Zealand’s economy, Willis said.

The Minister also announced tax and benefit changes and a commitment to delivering further income tax relief in Budget 2024.

ALSO READ: BNP Declares ‘Non-Cooperation’ Ahead of B’desh Polls

Previous Story

Sharjah Ladies Run’s 9th Edition Promises an Out-of-World Experience

Next Story

Hamas Leader Haniyeh in Cairo for Ceasefire Talks

Latest from -Top News

Yunus Govt Faces Heat Over ‘Black Law’

The protest led by the Bangladesh Secretariat Officers and Employees Unity Forum threatened to intensify their actions if the demands were not addressed…reports Asian Lite News Several officials and employees at Bangladesh’s

Khamenei Rejects Trump’s Surrender Demand

Despite heightened tensions, both US and Iranian officials issued mixed signals regarding diplomatic engagement…reports Asian Lite News Iran’s Supreme Leader Ayatollah Ali Khamenei has forcefully rejected US President Donald Trump’s call for

Moscow Pulls Plug on Defence Deal with Berlin

Moscow accused the German leadership of “deliberately ideologically processing” the population of Germany in an anti-Russian vein…reports Asian Lite News Russia announced on Thursday its intention to withdraw from the 1996 military-technical

India Joins Deep-Sea Elite

The Samudrayaan mission aligns with the Indian government’s Blue Economy initiative, which focuses on sustainable use of ocean resources for economic growth…reports Asian Lite News After conquering space with the successful Space

Goyal’s Bold Bet: UK Pact Will Unlock Billions

Goyal referred to the FTA as a ”good marriage” agreed between both countries, which would lead to doubling bilateral trade over the next five years….reports Asian Lite News Union Commerce and Industry
Go toTop

Don't Miss

Jacinda resigns as PM of New Zealand

She will step down as Labour Party leader no later

India, New Zealand Discuss Defense Ties, Indo-Pacific

The talks between the two also focused on several regional