NZ's "rebuilding together" Budget focuses on jobs, training, and infrastructure
Commentary and analysis by Chartered Accountants Australia and New Zealand experts on the New Zealand Budget 2020.
In brief
- The Coalition Government is billing its 2020 Budget as "rebuilding together"
- It is establishing a $50 billion Covid-19 Response and Recovery Fund
- $3.2 billion set aside for targeted extension to the Wage Subsidy Scheme
Updated 14 May 2020
The core of Budget 2020 will boost critical public services, fund infrastructure and provide the unprecedented investment needed for the second and third stages of our plan to face COVID-19, says Finance Minister Grant Robertson.
Budget 2020 aims to sustain households and businesses, with targeted support to help boost wider economic confidence, and regenerate the sectors hardest hit by the pandemic.
The Government predicts that economic growth could resume as early as the 2021/2022 financial year.
Budget 2020: Our scorecard
Peter Vial FCA, New Zealand Country Head of Chartered Accountants Australia and New Zealand identified 13 policy responses CA ANZ wanted to see in this year’s Budget.
Commentary and Opinion
- Targeted Wage Subsidy just what businesses needs in “Extraordinary Budget” - Charlotte Evett CA says the targeted nature of the $3.2 billion extended Wage Subsidy Scheme announced in the 2020 Rebuilding Together Budget will be welcomed by struggling sectors such as tourism and hospitality where a move to level 2 will be far from ‘business as usual’
- Rebuilding together but are we rebuilding better? - Business Reform Leader Karen McWilliams FCA asks is this a missed opportunity to connect New Zealand’s rebuild with the Wellbeing priorities?
- Budget 2020 recognises tax system is well-positioned to support Kiwis through COVID-19 - NZ Tax Lead, John Cuthbertson FCA – Government says the tax system must help cushion the impact of COVID-19
- Is it enough? Commentary by BusinessDesk’s Pattrick Smellie.
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