Plenty of winners but some losers in ‘back to basics’ Budget.
Key points
- Unemployment to peak at 5.3%
- Economy to contract in 2024 before strengthening in 2025
- Apprentice Boost eligibility narrowed
- Skills programs cut, infrastructure boosted
The first Budget of Finance Minister Nicola Willis has foreshadowed a period of severely constrained economic activity and higher unemployment.
The outlook suggests there will be difficult times ahead for the rest of 2024, before conditions gradually improve over 2025 and beyond.
The focus on achieving Budget savings has seen cuts to skills and training programs that were introduced by the former government.
Funds are going into areas such as transport, infrastructure and tax cuts, where it is intended that spending will boost economic activity.
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Unless stated otherwise, information was sourced from the Budget 2024 documents, ministerial statements, media releases and portfolio papers: budget.govt.nz/
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