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The Budget and why it matters: What you need to know


The Budget and why it matters: What you need to know
© RNZ / Vinay Ranchhod
Explainer - The Budget is approaching. From the way politicians, journalists, pundits and businesspeople talk it s like a secret society having the party of the year, but surely it s just numbers and columns?
What actually is it? Is it really that important? Can I even do anything about it?
RNZ is here to clear it all up.
What is the Budget?
In simple terms, the Parliamentary Budget (with a capital B) is just like a household budget (lower case b) on a larger scale.
It s an assessment of how much money the government has - taking into account debt, and income from tax and other things - and sets out the things the government plans to spend that money on. ....

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Only half promised shovel-ready jobs will be delivered


Last July, the Government announced it would spend $2.6 billion on more than 150 infrastructure projects that were so close to being built they were deemed “shovel ready”.
The Government claimed the projects would create 20,000 jobs, a number which Prime Minister Jacinda Ardern campaigned on at the 2020 election as part of her five point Covid recovery plan.
The figure was mentioned in speeches by Ardern, press releases from Robertson and in social media posts from the Labour Party.
But less than a year later, Robertson told Upston that the number of jobs created by the shovel-ready scheme would be just 11,704.5 fulltime equivalents. ....

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Sharp fall in GDP confirms New Zealand is in recession


GDP showed biggest ever drop in June quarter, shrinking 12.2%.
Economic activity shrunk by a record 12.2% in the three months to the end of June, although that is less than the 16% drop the Treasury forecast in the Pre-election Economic and Fiscal Update yesterday.
But it is still a much bigger drop than the 7% decline experienced in Australia for the same quarter.
Coming after a 1.6% decline in economic activity in the March quarter, the latest number from Statistics New Zealand confirmed the country is officially in a recession.
It is the largest quarterly fall in GDP since the current series began in 1987. ....

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