In the Half Year Economic and Fiscal Update, the New Zealand Treasury has forecasted three-quarters of a shrinking economy starting in the second quarter of 2023.
Lifts planned bond issuance by nz$18bln over 4 years.
Forecasts return to budget surplus in 2024-25.
Fiscal policy will help RBNZ battle inflation.
Government will run contractionary fiscal policy.
To end cut in gasoline tax by march 31.
More to come…