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Source: New Zealand Government

The Government’s plan to cushion the blow of COVID-19 by supporting incomes, jobs and businesses, and position the economy to recover has been backed by another international report.

International credit rating agency Moody’s today reaffirmed its highest Aaa credit rating on New Zealand, saying the economy is expected to remain resilient, backed by the Government’s strong fiscal management and our flexible economy.

“New Zealand has entered this crisis in a strong position. Our levels of debt are very low compared to the rest of the world. Moody’s have recognised this strong position and the other underlying fundamentals of our economy,” Finance Minister Grant Robertson says.

“The Government took bold and decisive action early as we saw the pandemic take hold overseas, to protect our people, their jobs and businesses, and the economy.

“Our best economic response is to unite to fight this virus. That’s why we’re making sure New Zealanders have what they need during this lockdown to stay home, break the chain and save lives.

“The wage subsidy is supporting jobs and businesses, and keeping workers and employers connected during the lockdown so they are in the best position to reopen and kickstart the economy out the other side.

“This is backed by the business finance guarantee, tax changes to improve cashflow, the rent freeze, Winter Energy Payment boost and income support measures, which are all targeted at supporting incomes and jobs.

“Our early action has seen money get out the door and given us valuable time. There is still much to do. We will continue to develop further support options as the situation evolves.

“We are also using this time to put plans in place for what New Zealand’s economy will look like in the face of continued global disruption when we have COVID-19 under control here at home.”