New Zealand's economy poses challenge for election victor
© Reuters. FILE PHOTO: Christopher Luxon, Leader of the National Party, speaks at the New Zealand National Party’s election campaign launch in Auckland, New Zealand, September 3, 2023. REUTERS/David Rowland/File Photo
The new government also faces a current account deficit, which has spiralled to levels that are of concern to rating agencies, a budget in deficit since 2019, rents at record highs, unaffordable house prices, a labour market losing strength and an economy teetering on the brink of recession. “The Reserve Bank will need the government to do its bit if it is to cap the cash rate at the 5.5% it currently suggests,” analysts at Bank of New Zealand said in a note.
National has pledged to tackle the rising cost of living by cutting income taxes. It says the plan can be funded by taxing foreign buyers of any NZ$2 million-plus house. The opposition argues that would be insufficient to cover proposed tax cuts. Labour, on the other hand is promising to reduce the 15%goods and services tax, on fruits and vegetable being sold in New Zealand. It has already implemented plans such as removing prescription fees, bringing in cheaper and free public transport and boosting childcare support.The biggest challenge for many New Zealanders is mortgage rates. The country’s households owe NZ$346.4 billion in home mortgage debt and loans in arrears now total NZ$1.3 billion, up 65% on 12 months ago.
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