New Zealand announces nz$12.1 bln economic package in response to COVID-19

NEW ZEALAND ANNOUNCES NZ$12.1 BLN ECONOMIC PACKAGE IN RESPONSE TO COVID-19.

Key notes

• 16-Mar-2020 19:00:00 - ECONOMIC PACKAGE ACCOUNTS FOR 4% OF GDP, LARGER THAN RESPONSE TO GLOBAL FINANCIAL CRISIS
• 16-Mar-2020 19:00:00 - NZ GOVT TO INVEST NZ$500 MLN ON HEALTHCARE, NZ$5.1 BLN ON WAGE SUBSIDIES, NZ$126 MLN ON LEAVE AND SELF-ISOLATION SUPPORT
• 16-Mar-2020 19:00:00 - NZ GOVT SUPPORT INCLUDES NZ$2.8 BLN INCOME SUPPORT PACKAGE; NZ$2.8 BLN IN BUSINESS TAX CHANGES
• 16-Mar-2020 19:00:00 - NZ GOVT MEASURES INCLUDE NZ$600 MLN INITIAL SUPPORT FOR AVIATION SECTOR
• 16-Mar-2020 19:00:00 - FINANCE MINISTER ROBERTSON SAYS A RECESSION IN NEW ZEALAND IS ALMOST CERTAIN
• 16-Mar-2020 19:00:00 - FINANCE MINISTER ROBERTSON SAYS MANY NEW ZEALANDERS TO LOSE JOBS AND SOME BUSNIESS WILL FAIL
• 16-Mar-2020 19:00:00 - FINANCE MINISTER SAYS TREASURY FORECEASTS SHOW WITH THE PACKAGE ANNUAL GROWTH WILL DROP TO 1% BY Q1 2021
• 16-Mar-2020 19:00:00 - FINANCE MINISTER ROBERTSON SAYS DEBT WILL SUBSTANTIALLY INCREASE; CORE CROWN DEBT WILL GO OVER 15-25% TARGET
• 16-Mar-2020 19:00:00 - FINANCE MINISTER ROBERTSON SAYS THIS YEAR'S BUDGET TO BE THE SECOND PHASE OF BROADER RECOVERY PACKAGE

More to come