Date posted: 20/05/2021

NZ Budget 2021 – members call for focus on economic growth

Ahead of one of the most significant Budgets in at least a decade, a survey of Chartered Accountants Australia and New Zealand (CA ANZ) members has identified economic growth as the main priority for the Budget 2021 with housing affordability identified as the next biggest issue.

In Brief

  • A CA ANZ member survey identifies economic and housing affordability as the main priorities for Budget 2021
  • CA ANZ calls on the Government to set out a long-term co-ordinated plan in the Budget delivered on 20 May
  • It is critical that Government works closely with business and industry groups to deliver the right solutions

In the survey of 2000 New Zealand members, 20% of respondents wanted economic growth as the main focus of Budget 2021, 18.5% housing affordability, 12.5% managing Budget debt and the deficit and 11.5% job creation and employment.

Other issues raised included infrastructure, health, taking action to address climate change, helping small business, education and skills training and tax reform.

Budget 2021 is an opportunity for the Government to not only focus on immediate responses to the pandemic, but to also set out a long-term co-ordinated plan to deal with the issues raised in our survey, said Peter Vial FCA, New Zealand Country Head for Chartered Accountants Australia and New Zealand (CA ANZ).

“This will build a sustainable, productive and resilient economy.

“The Government has put in place some very good policies over the past 12 months to help shield New Zealanders and New Zealand businesses from adverse impacts of COVID-19, but there still remains a need for greater co-ordination of policies, particularly for the long term.

“The housing crisis is the result of a variety of issues such as monetary policy, construction, immigration, training, tax, urban planning, infrastructure, and so on, yet there is little evidence of a joined-up Government response.

“It is also critical that Government works closely with business and industry groups – and regions in some cases – to deliver the right solutions.”

Government objectives

The Government says Budget 2021 will focus on its overarching objectives for this Parliamentary term:
  • continuing to keep New Zealand safe from COVID-19
  • accelerating the recovery and rebuild and
  • addressing key issues like climate change, housing affordability and child poverty.

Specific Budget 2021 investments will fall under four high-level priorities:

  • continuing the COVID-19 response
  • delivering priority and time-sensitive manifesto commitments
  • supporting core public services through managing critical cost pressures and
  • continuing to deliver on existing investments.

NZ Budget 2021

Read more of what the CA ANZ advocacy experts say about the NZ Budget.

Read more

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