Last year’s $7.4 billion Government surplus has evaporated into a deficit of $28 billion, with similar projections over the coming years. Budget 2020 is … While we may have acted swiftly to contain the virus and cushion the economic We use this information in order to improve and customise your browsing experience and for analytics and metrics about our visitors both on this website and other media. The focus of the Budget is to grow New Zealand’s economy, create jobs, strengthen the country’s public service and to start to rebuild together. Ph: 029 286 3650 or 04 496 5513. Budget 2020: Focus on jobs – Kiwi businesses supported to respond, recover and rebuild Targeted extension to the Wage … years. The government will provide $400 million for a domestic tourism campaign and to provide support so businesses can plan their futures. No liability is assumed by the authors or publisher for losses suffered by any person or organisation relying directly or indirectly on this article. levels and inflation was within the target range. The year ahead will be difficult for us all, no matter what our circumstances, as we all rebuild our lives post-COVID-19. $399.5 million to replace the ageing inter-island ferries, and. Budget 2020 used, and continue to use, the national standard cost scheme or the self-assessed cost scheme for their breeding stock, and. The government’s Budget, presented by the Minister of Finance the Hon Grant Robertson on 14 May has addressed, in the words of the Minister, “a 1-in-100 year health and economic challenge” as it moves to rebuild the economy post-COVID-19. 2020 Budget briefing, Tell us what you think of PKF 'Rebuilding Together' Wellbeing Budget 2020 In the absolutely unprecedented times of this global COVID-19 pandemic, Minister of Finance Grant Robertson has presented his third budget. New Zealand, along with the rest of the world, now faces the largest economic shock not seen in peacetime since the Great Depression of the The government’s Budget, presented by the Minister of Finance the Hon Grant Robertson on 14 May … We may well return to these projects, but for now our focus is on our response, recovery and rebuild from COVID-19.”. From Wednesday, 10 June (when the current scheme of 12 weeks runs out) businesses that have, or expect to experience, a 50% loss of revenue over the previous 30 days compared with the same period in 2019 will be eligible. The wage subsidy will now become available to high-growth firms, and to Callaghan Innovation-recognised research and development start-ups. Economic outlook. For example, the number of tourists entering the Powderham Chambers “With the outbreak of COVID-19, New Zealand now faces a 1-in-100 year health and economic challenge. capital injections for school properties ($119.5 million), learning support for students with high health needs and English for Speakers of Other Languages teaching staff ($79.7 million), funding for Early Childhood Education (ECE) subsidies, schools operations grants, trades academies and tertiary education subsidies ($375.1 million). Budget 2020 is unique in that its almost sole focus is on “rebuilding together” and outlines the Government’s proposed steps on the long The payment remains the same at $585 per full-time employee; it will continue to be paid as a lump sum. DISCLAIMER: All the information published in Commercial eSpeaking is true and accurate to the best of the authors’ knowledge. Please don’t hesitate to contact us if you need advice or simply need a sounding board. New Zealand has not known such a shock to its economy for almost a century.  Website & Marketing Powered by Synergy8, Level 7 ASB House, 248 Cumberland Street, Dunedin, New Zealand. Before the COVID-19 pandemic, New Zealand’s GDP growth was higher than many of our international peers. Wellbeing Budget 2020: Rebuilding Together Ministerial statement The COVID-19 Response and Recovery Fund, established through this Budget, will be used to support New … The Budget responds to the refreshed vision for Pacific peoples as captured by the Ministry for Pacific Peoples’ Lalanga Fou report, which highlights four key goal areas, with the focus on languages, cultures, prosperous communities, resilience, health, in addition to being confident, thriving Pacific young people. The Wellbeing Budget 2020. focus on what matters now – keeping people in jobs and ensuring the economy restarts as quickly as possible. 1930s, with annual global growth expected to fall to minus 3%. Government debt was below 20% and previous surpluses enhanced the balance sheet. In 2019, the Government delivered its first “Wellbeing Budget”. substantially replaced that culled livestock within 12 months. New Plymouth, $50 billion to deliver the COVID-19 Response and Economic Recovery Plan with the goal of saving up to 138,000 jobs, $4 billion business support package that includes a $3.2 billion extension to the wage subsidy scheme, $3 billion infrastructure investment and a public housing build programme for 8,000 new homes that should boost productivity and create more jobs, $1.6 billion trades and apprenticeships training package, $1 billion environmental jobs package that includes initiatives to boost pest control and for the restoration of wetlands, $3.3 billion to strengthen core services, including health and education, $1 billion to Māori focussing on job creation, and. a targeted extension of the Wage Subsidy Scheme (ie an eight-week extension to the already established 12-week period) for those who have suffered a 50% reduction in turnover in the 30 days prior to application as compared to 2019, a loan scheme for R&D programmes (being a $150 million short-term temporary loan scheme to incentivise businesses to continue R&D programmes that may be at risk due to COVID-19), further business support by way of a $216 million boost to New Zealand Trade and Enterprise to assist exporting firms, and. road back to economic normality – whatever that may be. COVID-19 has changed the lives of all New Zealanders and with an election looming, Debt peaks at just over $200 billion or 53.6% of GDP, with a forecast surplus only returning in 2028. Editor: Adrienne Olsen. Write a Google review, Copyright 2020 PKF Bredin McCormack Rewcastle Ltd Disclaimer, Wellbeing Budget 2020: Rebuilding Together, Nancy McKinstry talks about business impact through COVID-19 and how our digital activities are proving to be resil…. Child Wellbeing – Reducing child poverty and improving child wellbeing; Physical and Mental Wellbeing – Supporting improved health outcomes for all New Zealanders; The Budget Policy Statement confirms operating allowances of $3.0 billion in Budget 2020, $2.4 billion in Budgets 2021 and 2022, then $2.6 billion in Budget … Pacific Wellbeing is an essential part in rebuilding together Affordable, quality housing is a critical part of the overall wellbeing of Pacific peoples. The initial scheme had businesses needing to show a 30% drop in revenue. This website stores cookies on your computer. It is estimated that New Zealand will record deficits in the tens of billions of dollars until around 2028. It has required agility on the part of New Zealanders, the Government included,” said the Minister. This signaled a programme of change and introduced Budget decisions based blow, the reality is the impact on parts of our domestic economy has already been severe. It should not be a substitute for legal advice. Views expressed are those of individual authors, and do not necessarily reflect the view of this firm. This has meant putting ‘on ice’ new initiatives under priority spending areas that were announced in the Budget Policy Statement. The tourism sector has been particularly badly hit during the COVID-19 pandemic. country in April was basically zero. Already there has been enormous social and economic disruption, requiring the Government to ‘put on ice’ some initiatives to rightly The Budget has introduced the reinstatement of depreciation deductions for commercial and industrial buildings, an increase in the provisional tax threshold, an increase in the threshold for writing off low-value assets and much more. $421.7 million to replace ageing railway locomotives and upgrade mechanical maintenance facilities. “We have quickly reoriented the Budget 2020 package to focus on maintaining critical support for existing public services and supporting key infrastructure investments. Unemployment was at historically low New Zealand's world-first ‘wellbeing’ budget to focus on poverty and mental health ... the New Zealand economy is expected to grow at around 2.5 % in 2019 and 2.9% in 2020. only time will tell if the Government’s plan is fit-for-purpose in the eyes of voters. a 3.5% pay rise for Qualified Early Learning Education (ECE) teachers and ongoing funding for Kohanga Reo and home-based educators ($291.6 million). The Government is committed to delivering the wellbeing approach in Budget 2020 and beyond. Introduction “For Budget 2019 we will be using the Living Standards Framework developed by the Treasury to create New Zealand’s first Well-Being Budget… In the absolutely unprecedented times of this global COVID-19 pandemic, Minister of Finance Grant Robertson has presented his third budget.

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