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Cabinet signs off on 2019 budget

Author
Newstalk ZB ,
Section
Audio,
Publish Date
Monday, 15 April 2019, 6:54p.m.
Jacinda Ardern made the announcement today. (Photo / NZ Herald)

Cabinet has officially signed off what will be a world-first Wellbeing Budget and Prime Minister Jacinda Ardern is confident it will show the Government is managing its books responsibly.

Although she did not reveal much detail – saying instead the Government would be making its usual pre-Budget announcements – Ardern did hint at a number of areas that will be a focus.

These include an emphasis on the health of the environment and transitioning to a sustainable low emissions economy.

The Budget will be unveiled on May 30.

"Budget 2019 will continue to show the Government is maintaining a strong focus on the economy and running the books responsibly in the face of slowing global growth," Ardern told post-Cab today.

The slowing level of global economic growth has been a concern for a number of economists in New Zealand, including the Governor of the Reserve Bank, Adrian Orr.

Ardern said that, as "prudent economic managers," the Government would be tackling "long-term challenges" in the Budget.

The news comes after Finance Minister Grant Robertson attended a meeting with other financial heads from around the world in Washington. In a discussion with IMF leaders, they confirmed they have downgraded their economic forecast for next year. 

"One of the comments that was made by senior IMF people was that the economy is still growing, just slower than it has."

Robertson says that they are aware of the slowing trend as they work on the budget. However, they will still be focusing on a broad range of issues. 

"The Government has got a role to play in terms of doing what we can to stimulate the economy. We're balancing those considerations together." 

 

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