Source: New Zealand Treasury:
On 17 March, Finance Minister Grant Robertson outlined a $12.1 billion package to support New Zealanders, their jobs and businesses from the impact of COVID-19.
On 23 March, the Minister announced significant further support for the economy, workers and businesses, including removal of the cap on the Government’s wage subsidy scheme which will inject a further $4 billion into the economy over the next eleven weeks.
For details of the 23 March announcement, visit the Beehive website.
The economic response package includes:
- Initial $500 million boost for health (see link to the Minister of Health’s media release below)
- $5.1 billion in wage subsidies for affected businesses in all sectors and regions
- $126 million in COVID-19 leave and self-isolation support
- $2.8 billion income support package for our most vulnerable, including a permanent $25 per week benefit increase and a doubling of the Winter Energy Payment for 2020
- $100 million redeployment package
- $2.8 billion in business tax changes to free up cashflow, including a provisional tax threshold lift, the reinstatement of building depreciation and writing off interest on the late payment of tax
- $600 million initial aviation support package
You can read the Minister’s 17 March statement to Parliament, media release and fact sheets providing more information about some of the key initiatives, using the links below.