Tax & Spend
New Zealand Treasury Sees Deeper Economic Downturn Pressuring Tax Take
- Agency likely to downgrade economic, fiscal forecasts Dec. 17
- Chief economic adviser Dominick Stephens comments in speech
New Zealand consumer spending remains weaker than a year ago and companies are still pessimistic about their own trading outlook.
Photographer: Birgit Krippner/BloombergThis article is for subscribers only.
New Zealand’s economic downturn has been deeper than expected, putting pressure on tax revenues as the government struggles to reduce its budget deficit, according to the Treasury Department.
The latest evidence points to a likely further downgrade to the Treasury’s economic and fiscal forecasts, Chief Economic Adviser Dominick Stephens said in a speech Thursday in Wellington. The projections will be published in the half-year economic and fiscal update on Dec. 17.