NZ on Track for Worse Than Predicted Deficit Despite Slashing Government Spending

Published on May 7, 2024

Although it has slashed public service numbers and ended some programmes, New Zealand’s coalition government is heading towards its first budget with forecasts of a higher-than-expected deficit. The National-NZ First-ACT government took office with an ambitious agenda centred on major cuts to public servant numbers. To date, over 4,000 people have lost their jobs as a result, with more expected. ACT Leader and Minister for Regulation David Seymour has previously indicated the total could reach 7,500. But the reduction in expenditure isn’t enough to balance a sharp fall in the tax take from an economy officially in recession. Treasury figures show a deficit of $5.04 billion (US$3 billion) for the nine months ended March, which is $619 million more than forecast in the December financial update....

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