Ardern warns of global headwinds ahead of Budget

Ardern warns of global headwinds ahead of Budget

Wellington, May 24, 2019

Prime Minister Jacinda Ardern (Photo: Supplied/Pool)

Prime Minister Jacinda Ardern has warned about the risks of an unstable and uncertain global climate for New Zealand businesses.

In a pre-Budget speech in Auckland this afternoon, Ms Ardern set the scene for the government’s first Wellbeing Budget to be delivered on Thursday, May 30, 2019.

She warned that while the economy is strong, New Zealand will always be impacted by global headwinds.

Significant challenges

There were significant challenges facing the global economy, including the trade war between the United States and China, as well as signs of a slowing US economy, and ongoing uncertainty in Europe thanks to Brexit, Ms Ardern said.

“All of this adds up to a global environment in which New Zealand businesses operate that is both unstable and uncertain.”

But Ms Ardern said New Zealand was well-positioned to face this instability and uncertainty, despite slowing rates of growth.

The government has been rolling out a number of announcements in the lead-up to Thursday’s Budget.

They have included more funding for initiatives to tackle homelessness and domestic violence. The announcements have also covered other areas, including health, education and the SuperGold card.

There will be one last pre-Budget announcement on Sunday, May 26, 2019.

Narendra Modi congratulated

“New Zealand and India have a close and long-standing relationship based on our shared democratic values and Commonwealth heritage, and growing trade, tourism and education links,” Ms Ardern said in another unrelated statement.

“Our relationship is underpinned by New Zealand’s Indian community who engage across New Zealand’s business, government and civil society. I look forward to continuing to strengthen the relationship between our two countries in the coming years.

“Arranging for 900 million eligible voters to be able to freely cast their vote is a considerable achievement. The successful delivery of the world’s biggest election reflects a strong commitment to democratic principles that New Zealand admires,” she said.

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