Sending shockwaves around the world, the global COVID-19 pandemic stresses have been apparent in New Zealand, as with other countries, and it’s not going away anytime soon.
The government wage subsidy scheme, in place in some form since March, has topped $13 billion with more than 1.7 million jobs being supported by the scheme. Due to finish in September, Prime Minister Jacinda Ardern has stated: "We have clearly signalled the wage subsidy is not something that can go on for the never-never."
In the government Budget 2020 announced earlier in the year, the core of Budget 2020 was pointed at boosting
critical public services, funding infrastructure, and providing the unprecedented investment needed for the second and third stages of New Zealand’s plan to face COVID-19; Recover and Rebuild.
Treasury’s forecasts and alternative scenarios indicate there will be a sharp fall in economic activity and a substantial rise in unemployment, however trade is expected to play a significant role in kickstarting New Zealand’s recovery from COVID-19.
According to Finance Minister Grant Robertson, “There are few times in your life when you get to hit the reset button. It is a privilege that many countries do not have right now as they still struggle to get the virus under control. It is an opportunity we will not squander.”
