New Zealand cut its growth forecast for 2019/2020 and flagged a budget deficit o...
WELLINGTON - New Zealand cut its growth forecast for 2019/2020 and flagged a budget deficit on Wednesday, but announced a significant lift in capital spending to bolster the economy with a plan to invest more than $12 billion on infrastructure projects.
“A small deficit in the current year is not surprising, given the impacts global headwinds are having on confidence here,” Finance Minister Grant Robertson said in a statement, after releasing its half-year economic and fiscal update. Robertson also announced the government’s plan to spend NZ$12 billion on new infrastructure investment, which he said was the highest level of capital spending in more than 20 years.
Westpac Bank said the treasury update was a “damp squib” and would have little impact on forecasts for GDP, inflation or interest rates. “We expect these factors will further delay the forecast return to general government surplus until fiscal 2024, noting that this was delayed by a year to fiscal 2023 in the 2019-2020 budget released in May.”
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