The economy is “in good shape” with strong surplus and low debt, finance minister Grant Robertson says.
“This allows the Government to spend more on infrastructure and make record investments in health and education,” he says.
The Crown accounts for the year to June 2019 show a $7.5 billion surplus. Net debt has fallen to sit at 19.2% of GDP, down from 19.9% year-on-year and below the 20% target in the Budget Responsibility Rules.
“At Budget 2019, we increased infrastructure investment and boosted spending in key areas like health, education and research and development.”
“We are tackling long-term challenges by investing in hospitals, schools and transport infrastructure while managing the books responsibility. We are making our economy stronger to make sur we remain resilient and have room to move to support New Zealand through any further challenges ahead.”
Capital investment, including in roads and rail was up 13.7% over the year.
Recently, the start of daylight-saving signals the start of the NZ Transport Agency’s summer roadworks programme, and the construction of the Manawatu Gorge replacement highway has acquired its funding.
In August, the Government confirmed it would merge the country’s 16 polytechnics into one national entity called the New Zealand Institute of Skills and Technology. The institute would be responsible for workplace training and apprentices, affecting thousands of trade apprentices in the automotive sector.
