A virus knows no borders, only hosts. COVID-19 has inevitably affected all New Zealanders.
From a business perspective, COVID-19 has taught us more about what our businesses rely on and how our customers view us. And with today’s Budget, the Government starts answering the question of what next?
The answer is focused on the immediate and to some extent the horizon.
The Budget makes further commitments on a $62b COVID-19 response. It includes a short extension to the wage scheme, environmental work, trades training, housing and infrastructure. In total, an additional $18-19b of further funding.
These will help with buffering the economy
However, the big question is what does the future hold? And for Government, what role should it play? There is a real balancing act between Government involvement, where it is most effective and needed, and letting business and New Zealanders lead. Each party needs to acknowledge and play to their respective strengths if New Zealand is to prosper.
Read more on Budget 2020 on the KPMG NZ website
See summary infographic on 2020 Budget (PDF hosted on KPMG website)
Author: Godfrey Boyce, Chief Executive, KPMG New Zealand