Podcast: Two Cents' Worth
Two Cents’ Worth: Will the Budget protect us?
We're bracing for a once in a lifetime economic downturn. Will the Government's historic Budget be enough to protect us from it?
The Government says it's been saving for a rainy day and now is the time to break out the umbrellas to weather the global storm that will follow in the wake of Covid-19.
Sounds like we're truly slipping into winter's freezing cold embrace.
But, to stick with the weather analogies, does this Budget actually bring the ray of sunshine we're all looking for?
The plan is a $50b rescue effort, about $30b has already been allocated, with the remaining $20bn being held in reserve.
The hefty price tag promises to blow out debt to 53.6 percent of Gross Domestic Product by 2023 and will leave the country in deficit for years to come.
But Finance Minister Grant Robertson says the pandemic is a "one-in-100-year event" which demands record spending.
"It is a once in a generation Budget. It is bold because the task we face is monumental," he says.
But is it going to be enough? The Two Cents' Worth team dissects the Budget.
Help us create a sustainable future for independent local journalism
As New Zealand moves from crisis to recovery mode the need to support local industry has been brought into sharp relief.
As our journalists work to ask the hard questions about our recovery, we also look to you, our readers for support. Reader donations are critical to what we do. If you can help us, please click the button to ensure we can continue to provide quality independent journalism you can trust.