What To Expect From New Zealand’s Budget 2021?

Follow us on Google News:
 What To Expect From New Zealand’s Budget 2021?
Image source: Billion Photos,Shutterstock

Summary

  • What can be expected from Budget 2021?
  • What provisions for healthcare, vaccine, and education is it going to provide?
  • How will Budget 2021 deal with the NZ housing crisis

All eyes are fixed on the upcoming Budget announcement today at 2 pm. There are a lot of hopes riding on this Budget in New Zealand, and economists from around the world are eagerly waiting to sink their teeth into the latest reforms and updates made by the Finance Minister, Grant Robertson. This Budget is going to be reflective of the government’s plans to further help the economy recover from the effects of the coronavirus pandemic.

Image Source: Copyright © 2021 Kalkine Media

Predictions for Budget 2021

If predictions are to be believed, the budget is going to exceed expectations., Major economic indicators - employment and GDP numbers are competing favorably as compared to other countries and the country’s economy is on a rebound.

 With a drop in the national debt which came as a surprise, there was more capital available for Wellington.

Also read: Budget 2021: What did Rishi Sunak miss out?

Also read: Will NZ’s Federal Budget 2021 Be A Fine Balancing Act?

Word from the Finance Minister

Mr. Robertson is expected to shed light on how the reforms made in the budget this year are going to help New Zealand strengthen its economy and global economic position in the near future. Certain areas that the government is going to allocate the funds from the budget are public well-being as well as social services. Another area that shall require economic support is Climate change. This is because there are several benchmarks that the country is keen to set in this area in the upcoming decade. Another area where budget funds shall be targeted is the education sector.

The housing sector in New Zealand, which has been struggling to keep its head above water, is something that will require immediate attention in terms of funds and efforts. It will be interesting to see what kind of provisions the budget shall make for the same. Homelessness and not being able to afford buying first homes are major problems being faced by several local people and this is something that shall seek answers from the budget.

Updates and allocations

In an update in February, Robertson had referred to the upcoming budget as a “recovery and well-being budget”. It was announced on May 9 that NZ$118.6M would be dedicated towards women’s healthcare. On May 12, it was further announced that a sum of NZ$170M shall be set aside to help boost the salaries of kindergarten teachers. May 19 brought probably the most important announcement of the hour, there will be a sum of NZ$1.4 billion kept aside for vaccinations against COVID-19 so that everyone in the country could have access to a free vaccine and help eradicate the disease eventually.

Also read: Will Women’s Health Be A Priority In NZ’s Budget 2021? 5-Related NZX Stocks- TRU, OCA, TAH, FPH, and GXH

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK