The fund was allocated $354 million in the 2022 financial year, rising to $608m the following year, funded by the Covid-19 Response and Recovery Fund. “We have the opportunity to build the houses, schools, hospitals and transport networks our country needs, while adding momentum to our economic recovery,” said Finance Minister Grant Robertson.
Getty Images
The Governemnt has committed $57.3b to infrastructure spending over the next five years. “Budget 2021 sees a 50 per cent increase in the Government s multi-year capital allowance to maintain momentum around job creation and to build the critical infrastructure needed to come out of Covid-19 stronger.” The multi-year capital allowance rose from $7.8b to $12b for Budget 2021 to 2024.
Thursday, 20 May 2021, 3:43 pm
Canterbury Employers’ Chamber of Commerce (The Chamber)
Chief Executive Leeann Watson says today’s Budget 2021
announcement has largely overlooked the role of business in
the country’s economic recovery.
Finance Minister
Grant Robertson outlined his fourth Budget today, which
focused on the three pillars of child poverty, affordable
housing and climate change.
Ms Watson says: Rather
than taking a balanced approach within this Budget on
societal issues and the economic recovery and rebuild, it
feels like the Government has taken an either/or approach.
In order to focus on some of the significant issues we face
in New Zealand, such as around child poverty, affordable
New Zealand Prime Minister Jacinda Ardern unveiled a big-spending budget Thursday aimed at stimulating the coronavirus-hit economy while carrying out long-awaited progressive reforms.
Share on Twitter
New Zealand has significantly lifted welfare benefit rates and promised billions of dollars towards addressing long-term challenges in its 2021 budget, while forecasting a stronger than expected economic recovery from the COVID-19 pandemic.
The budget for the 2021 fiscal year, revealed on Thursday, allocated funds towards housing, healthcare, education and infrastructure, while also targeting issues like child poverty, climate change and Maori welfare.
The highlight, however, was a hike in the weekly benefit rates by up to NZ$55 per adult, which the government said was the largest income increase in a generation. Not only will this give a sense of dignity and hope to those who receive that boost in income, it will also help reduce inequality and provide ongoing stimulus to the economy, New Zealand Finance Minister Grant Robertson said.