New Zealand’s Ardern Ramps Up Spending in Her ‘Wellbeing' Budget
- Government forecasts lower surpluses after this fiscal year
- Big winners include mental health, children and hospitals
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New Zealand forecast lower surpluses and higher debt in favor of delivering fiscal stimulus to a sluggish economy in a budget aimed squarely at improving people’s well-being.
The government plans NZ$15.2 billion ($10 billion) of new operating spending over the next five years and NZ$10.4 billion of capital investment, Finance Minister Grant Robertson said Thursday in Wellington. While the surplus for the current fiscal year will be bigger than previously forecast, it narrows to NZ$1.3 billion in the year through June 2020 –- the smallest since 2015.