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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