PKF New Zealand releases budget briefing
PKF Bredin McCormack Rewcastle, part of PKF New Zealand, has recently released a briefing on the country’s third “Wellbeing Budget”. Presented by Minister of Finance Grant Robertson, this Budget is unique in that it focuses solely on “rebuilding together”, outlining the New Zealand government’s proposed steps on the road back to economic normality.
The Wellbeing Budgets initiative, pioneered in 2019, signaled a programme of change and introduced Budget decisions based on what matters to New Zealanders.
The extremely thorough briefing, authored by PKF BMR’s Director and Head of Tax Jono Bredin, examines the $50 billion COVID-19 Response and Recovery Fund (CRRF) proposed in the Budget - the single largest investment set aside in New Zealand’s history.
Looking first at business support measures, the briefing discusses the extension to the Wage Subsidy Scheme, short-term temporary loan schemes for R&D programmes, and how the investment will boost trade and support SMEs in a digital economy. It also scrutinizes the jobs package, training for tradespeople, and the tourism recovery plan within the Budget, as well as providing an overview of tax matters and setting out next steps for New Zealand.