New Zealand Finance Minister Grant Robertson has delivered the 2020 budget in Parliament.
The budget gives the people of New Zealand an idea of how money is going to be spent over the next year. This budget is one of the most important in our history, due to COVID-19.
The main announcement in the budget was a $50 billion recovery package.
Some $13.9bn of the fund has already been spent including on the wage subsidy scheme.
So here is a list of the main areas where the money is going.
- An eight-week extension to the wage subsidy scheme for businesses who have suffered a 50 percent reduction in turnover the 30 days prior to their application compared to last year, costing up to $3.2bn
- $400m Tourism sector relief package.
- $1.6bn Trades and Apprenticeships Training Package
- $400m in Ministry of Social Development Employment Support
- $121m for He Putama Rangatahi
- $19.3m to place 10,000 people in primary sector jobs
- $56m increase to the government’s insulation and heating programme
- 8000 new public and transitional homes, to be delivered by Kāinga Ora, community housing providers and transitional housing providers
- Kāinga Ora is anticipated to borrow an additional $5bn to fund its proportion of the houses
- $220.6m to be spent on expanding the free school lunch An additional 200,000 children will get a free lunch and is estimated to create an extra 2000 jobs