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You are here: Home / New Zealand hands out extra cash to 2 million lower-income adults to fight inflation

New Zealand hands out extra cash to 2 million lower-income adults to fight inflation

New Zealand Government said on May 19 it will hand out an extra few hundred dollars to more than two million lower-income adults to help them navigate what it describes as "the peak of the global inflation storm." The payments are part of a package of new measures announced in the government's annual budget. Other plans include increasing health spending by a record amount, putting more money into reducing greenhouse gas emissions and boosting defence spending. A report by Treasury painted a rosy picture of the nation's economy through next year but warned growth would slow markedly from 2024 due to rising interest rates, a reduction in the government's pandemic spending, and supply issues made worse by Russia's invasion of Ukraine. A Treasury report forecast unemployment would hit a low of 3.1% this year before rising to 4.7% by 2026. It predicted inflation would fall from its current 30-year high of 6.9% to 2.2% over the next four years. The inflation payments of 350 New Zealand dollars ($220) over three months begin in August and are targeted at the half of all adults who earn less than 70,000 New Zealand dollars ($44,000) per year. The government also decided to extend… Read full this story

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New Zealand hands out extra cash to 2 million lower-income adults to fight inflation have 338 words, post on www.thehindu.com at May 19, 2022. This is cached page on Vietnam Art News. If you want remove this page, please contact us.

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