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COVID-19 PACKAGE: Robertson rolls out historic $12.1b lifeline

COVID-19 PACKAGE: Robertson rolls out $12.1b

Field Notes, powered by KPMG, is a weekly news update on news nationally and globally from the agri-food sector.

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Ian Proudfoot

Global Head of Agribusiness, Partner - Audit

KPMG in New Zealand

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[17 March, BusinessDesk, Farmers Weekly]

A support package of $12.1 billion has been announced by finance Minister Grant Robertson with the goal of reducing economic impact of the spreading covid-19 pandemic. The package is designed to offset income and spending reductions while also limiting job losses, with allocations of $5.1b to wage subsidies, $2.8b for welfare and $2.8b on business tax changes. Mr Robertson states that this package will limit GDP reduction forecasts to only 1% from a potential 3% if no action was taken. The government now expects a financial deficit for the year, and a rise in net debt beyond targets as a consequence of the programme.

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