Source: New Zealand Government
Budget 2020 is the next step in our Government’s fight against, and recovery from, COVID-19. It is focused on growing our economy, creating jobs, strengthening our public services, and starting to rebuild together.
During the first phase of our response to COVID-19, the Government acted quickly and decisively to protect jobs and keep businesses afloat. It focused on a strong health response, because winning the fight against the virus would give us the best chance to get people back to work and get our economy back up and running.
Budget 2020 builds upon the Government’s immediate economic response, working towards long-term recovery through programmes designed to get people into jobs and training, such as the Trades and Apprenticeships Training Package and the Jobs For Nature Fund.
Budget 2020 also looks out for families and communities hit hardest by COVID-19, with initiatives such as the expansion of the Lunches in Schools programme and further funding for social service providers.
The Government’s plan for economic recovery in the wake of COVID-19 will take time to implement, but this year’s Budget is one key step towards rebuilding a better New Zealand together.
Budget 2020 at a glance:
- $50bn fund to deliver the COVID-19 response and economic recovery plan, at centre of the jobs budget
- $4bn business support package, including a targeted $3.2bn Wage Subsidy Scheme extension
- $3bn infrastructure investment and 8,000 public housing build programme, to boost productivity and create jobs
- $1.4bn for the trades and apprenticeships training package
- $1bn environmental jobs package
- $3.3bn new funding to strengthen core services, including health and education
COVID Response and Recovery Fund
The $50 billion COVID Response and Recovery Fund will help support New Zealanders and the economy through the effects of COVID-19 and the global recession.
The Fund will invest in a targeted wage subsidy extension, training and apprenticeships, an 8,000 public house building programme, infrastructure development, job-rich environmental projects and support for SMEs, exporters and entrepreneurs to grow the economy.
It’s about creating new jobs and preparing people for new jobs. We are doing what it takes to cushion the blow, support businesses and workers, and position the economy for recovery.
Strengthening our communities and public services
Alongside the COVID Response and Recovery Fund, the Budget includes investment to strengthen local communities and regions, and ensure essential public services like health, education and social services continue to receive the funding they need to meet pressures like population growth.
We’ve seen the problems that arise when services like cancer care, teacher training, and Police don’t receive funding to cover population growth and increased cost pressures. We’re making sure these important public services remain at the standard New Zealanders expect and deserve.
Taking the next steps
Budget 2020 builds on the measures our Government has already put in place to protect jobs and incomes. From the Wage Subsidy Scheme to interest-free loans for small businesses, we moved quickly to get money out the door to support workers and businesses, and our immediate response has helped cushion the blow of COVID-19 for New Zealanders. You can read more our immediate economic response here.