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• $50 Bill of COVID spending – 30 of this has been already spent but key points of the remaining $20 Bill are:
• Wage subsidy has been extended by a further eight weeks for the worst-hit businesses. From 10 June, firms which can prove their revenue has halved over the previous 30 days compared to the year before will be eligible.
• A $150 Mill short-term loan scheme to incentivise businesses to continue research and development programmes which might otherwise be shut down.
• NZ Trade and Enterprise gets $216 Mill to support exporters
• $400 Mill for a domestic tourism campaign and support to support tourism businesses plan their next steps
• $1.1 Bill aimed at creating 11,000 jobs in pest control and wetland restoration.
• Kāinga Ora will borrow an estimated $5 Bill to pay for the building of 8,000 new state houses over the next four to five years. The Budget sets aside another $570 Mill in rent support for this project. The homes will include about 6,000 public houses and 2,000 transitional homes
• To date nearly 2,000 applications for funding of $12 Bill of shovel ready projects announced pre COVID. The Budgets adds a further $3 Bill to this pot, making a total $15 Bill available for infrastructure projects. The govt will decide soon which projects will get the go ahead
• Investment in rail has also been bumped up $1.2 Bill to reach $4.6 Bill
• Trades training for critical courses - such as building, construction and agriculture - will be made free for all ages over the next two years to help retrain people who've lose their jobs
• $1.6 Bill will go to the Trades and Apprenticeships Training Package which will help companies retain their trainees
• Of this $276 Mill will go towards setting up Workforce Development Councils and Skills Leadership Groups to monitor the job market around the country and plan for recovery.
• $32 Mill will go towards foodbanks and other community food services
• A $36 Mill fund has been set up for community groups who support Māori, Pacific, refugee and migrant communities to draw from
• $220 Mill over two years to grow the school lunch scheme from 8,000 students to about 200,000 by the middle of next year
• $56 Mill to the "Warmer Kiwi Homes" scheme to cover 90 percent of the costs of insulation or heating retrofit for low-income households in an estimated 9,000 homes
• As previously announced DHB’s will get an extra $3.92 billion over four years and a one-off $282.5 Mill to catch up on elective surgery after the lockdown
• $150 Mill over four years on pay equity settlements for Early Childhood Centre staff – also previously announced.
• $1.77 Bill for Defence
• $900 Mill support package for Māori, including $200 Mill employment package and $400 Mill increase to education
• $833 Mill to go towards disability support services
• $400 Mill to replace Interislander ferries
• Govt faces at least seven years of budget deficits and historically high debt, as it borrows to cushion the economy from the pandemic. The deficit will hit around $29 billion over the next two years before easing back to around $5b in 2024. Govt revenue is not expected to recover to pre-virus levels for two years, while expenses are forecast to be more than a third higher. Therefore borrowing a total of $190 Bill over the next four years, lifting govt debt to 54% of GDP. Treasury forecasts have debt above 40% through to the mid-2030s. -
• More than a year of deep recession is forecast , followed by a solid recovery as restrictions are lifted. Treasury predict growth will shrink by a quarter in the three months ended June, dragging the annual growth rate to minus 4.6 percent. It will contract a further 1% next year before jumping to 8% in 2022 falling to 4 in 2223 and 24.
• Unemployment will hit 10% in Q2 before declining to 5 over two years -
@Tim said in NZ Politics:
@dogmeat said in NZ Politics:
• $1.77 Bill for Defence
Any details on this item?
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@JC said in NZ Politics:
Budget Day. Let's see what Robertson is made of. Personally I just hope he reallocates the Shane Jones Bribery Pot. There are better things he could be doing with that money right now.
"Bribery pot" got reallocated at the start of it.
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@JC said in NZ Politics:
@Godder Thanks, I didn’t pick that up. I never did understand why anyone would trust a man who hired a jet and paid for porn on the public dime with a discretionary fund.
Was part of the terms of Winnie's mob installing team Cindy into power. They gave them everything they asked for
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https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12331964
Speaking of NZ First and Jones, here he is in another ministerial capacity.
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I have just confirmed how I will vote. Years of debt to come for somebody else to fix. Hey, lets just print money. I have been through this before with labour.
I was actually on the cusp, but labour will team with Winnie. So fuck them. You can't vote for two teams even though I dislike Bridges.
I have had a few drinks and lost a friend who's funeral I can't go to so, sorry but it is all fucked.
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@Snowy said in NZ Politics:
I have just confirmed how I will vote. Years of debt to come for somebody else to fix. Hey, lets just print money. I have been through this before with labour.
I was actually on the cusp, but labour will team with Winnie. So fuck them. You can't vote for two teams even though I dislike Bridges.
I have had a few drinks and lost a friend who's funeral I can't go to so, sorry but it is all fucked.
Sorry to hear about your friend mate. As always, am here to yarn publicly or privately if you want an ear.
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@Snowy said in NZ Politics:
I have just confirmed how I will vote. Years of debt to come for somebody else to fix. Hey, lets just print money. I have been through this before with labour.
I was actually on the cusp, but labour will team with Winnie. So fuck them. You can't vote for two teams even though I dislike Bridges.
I have had a few drinks and lost a friend who's funeral I can't go to so, sorry but it is all fucked.
Condolences man, that sucks.
National are either going with Winnie or into opposition. Also not sure how any government could do anything other than go into massive debt in this - even if we had closed our borders in January, the economy was going to hell in a handbasket from the total lack of international tourism and massive downturn in the global economy.
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@Godder said in NZ Politics:
@Snowy said in NZ Politics:
I have just confirmed how I will vote. Years of debt to come for somebody else to fix. Hey, lets just print money. I have been through this before with labour.
I was actually on the cusp, but labour will team with Winnie. So fuck them. You can't vote for two teams even though I dislike Bridges.
I have had a few drinks and lost a friend who's funeral I can't go to so, sorry but it is all fucked.
Condolences man, that sucks.
National are either going with Winnie or into opposition. Also not sure how any government could do anything other than go into massive debt in this - even if we had closed our borders in January, the economy was going to hell in a handbasket from the total lack of international tourism and massive downturn in the global economy.
National have ruled out working with Winnie. It'd be fucking excellent if Labour did the same.
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@No-Quarter said in NZ Politics:
@Godder said in NZ Politics:
@Snowy said in NZ Politics:
I have just confirmed how I will vote. Years of debt to come for somebody else to fix. Hey, lets just print money. I have been through this before with labour.
I was actually on the cusp, but labour will team with Winnie. So fuck them. You can't vote for two teams even though I dislike Bridges.
I have had a few drinks and lost a friend who's funeral I can't go to so, sorry but it is all fucked.
Condolences man, that sucks.
National are either going with Winnie or into opposition. Also not sure how any government could do anything other than go into massive debt in this - even if we had closed our borders in January, the economy was going to hell in a handbasket from the total lack of international tourism and massive downturn in the global economy.
National have ruled out working with Winnie. It'd be fucking excellent if Labour did the same.
Wouldn't surprise me if the voters did that for everyone.
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@Godder said in NZ Politics:
@No-Quarter said in NZ Politics:
@Godder said in NZ Politics:
@Snowy said in NZ Politics:
I have just confirmed how I will vote. Years of debt to come for somebody else to fix. Hey, lets just print money. I have been through this before with labour.
I was actually on the cusp, but labour will team with Winnie. So fuck them. You can't vote for two teams even though I dislike Bridges.
I have had a few drinks and lost a friend who's funeral I can't go to so, sorry but it is all fucked.
Condolences man, that sucks.
National are either going with Winnie or into opposition. Also not sure how any government could do anything other than go into massive debt in this - even if we had closed our borders in January, the economy was going to hell in a handbasket from the total lack of international tourism and massive downturn in the global economy.
National have ruled out working with Winnie. It'd be fucking excellent if Labour did the same.
Wouldn't surprise me if the voters did that for everyone.
Lazarus is named for a reason.
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@Godder said in NZ Politics:
@Snowy said in NZ Politics:
I have just confirmed how I will vote. Years of debt to come for somebody else to fix. Hey, lets just print money. I have been through this before with labour.
I was actually on the cusp, but labour will team with Winnie. So fuck them. You can't vote for two teams even though I dislike Bridges.
I have had a few drinks and lost a friend who's funeral I can't go to so, sorry but it is all fucked.
Condolences man, that sucks.
National are either going with Winnie or into opposition. Also not sure how any government could do anything other than go into massive debt in this - even if we had closed our borders in January, the economy was going to hell in a handbasket from the total lack of international tourism and massive downturn in the global economy.
There's debt, then there is this level of debt. The discretionary parts that have been pushed forward under cover of an emergency are shameless. Labour have taken the opportunity to dust off their entire wish-list and slammed it through, whilst telling the electorate it is essential to deal with the fallout from a 7 week shutdown that they chose to initiate. The media hasn't challenged them on it at all really, but I don't know any economist from either end of the spectrum who isn't amazed by this. There's no planning, just crossed fingers and a belief that it's doctrinarily correct so therefore justified. Of course there's seldom a shortage of people who will take a handout, so it will no doubt play well with their base, especially those who don't give a thought to where the money has to come from.
NZ Politics