New Zealand forecasts lower surpluses and higher debt in aims to deliver fiscal stimulus to a slow economy in a budget aimed directly at improving people’s well-being.
The NZD was trading at 65.24 US cents at 5pm in Wellington from 65.11 at 7:50am. The trade-weighted index was at 71.98 points from 71.90.
Prime Minister Jacinda Ardern has promoted the world’s first “Wellbeing Budget’’ as a focus on metrics that matter to people’s lives rather than just economic growth, the finance minister unveiled billions for mental health services and child poverty as well as record investment in measures to tackle family violence. But a slowing global economy and slow domestic demand mean the government will borrow more and run smaller surpluses to deliver its policies.