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Array [to Covid-19} but I also have to address an infrastructure deficit.”
He said the wide-spread support during Covid-19 was no longer draining the books and instead more targeted cost of living cost was underway.
He said there were areas of investment which had be to be carried on with, such as state housing, “but every decision we make at the Budget is based on whether we get value for money” and whether it was needed.
He said the Government acknowledged there was a housing crisis, and the Reserve Bank’s job was to keep an eye on inflation but the Government had to meet the needs of New Zealanders.
Robertson said it would take some time for measures to increase competitiveness in the supermarket industry to take effect – possibly a year or more.
In the interim, the Government was trying to ease pressure on low to middle income families in the meantime. While inflation was predicted to keep rising into the second quarter of the year, it was forecast to drop back past that, he said.
The Government’s role in feeding these inflationary pressures is a hotly contested political issue, with National arguing the Government’s massive economic stimulus has overcooked the economy.
Robertson has argued that the chief cause of inflation has been supply chain disruption and inflationary pressure coming from overseas, including the fallout from the war in Ukraine.
Reserve Bank Governor Adrian Orr, whose job is to keep inflation stable, weighed into the debate in a speech with the IMF, published this morning.
Orr said that central banks would not be able to achieve their mandates around inflation and maximum sustainable employment on their own.
“We are going to need support,” he said.
That would require clear communication with “fiscal authorities” and “how they could assist around more targeted effective fiscal policies”.
Those remarks promoted National finance spokeswoman Nicola Willis to call for more fiscal restraint from the Government.
“The Finance Minister must heed this warning,” she said.
Grant Robertson should take the comments seriously and “rein in extravagant spending plans”, Willis said.
Robertson told RNZ this morning the inflation rate would likely rise before falling.
He acknowledged it was likely to get higher before falling, as this had been the forecast of many global commentators.
“I expect that it will be rising as it is right around the world,” Robertson said.
“The amount that it rises by is obviously what everyone is debating.”
In the US and UK the inflation rate has now topped 8 per cent.
Ardern is currently in Singapore. Today she announced an expansion to New Zealand’s working holiday visa scheme with Singapore.
She will later travel to Japan where she will make further trade-related announcements.
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Array [to Covid-19} but I also have to address an infrastructure deficit.”
He said the wide-spread support during Covid-19 was no longer draining the books and instead more targeted cost of living cost was underway.
He said there were areas of investment which had be to be carried on with, such as state housing, “but every decision we make at the Budget is based on whether we get value for money” and whether it was needed.
He said the Government acknowledged there was a housing crisis, and the Reserve Bank’s job was to keep an eye on inflation but the Government had to meet the needs of New Zealanders.
Robertson said it would take some time for measures to increase competitiveness in the supermarket industry to take effect – possibly a year or more.
In the interim, the Government was trying to ease pressure on low to middle income families in the meantime. While inflation was predicted to keep rising into the second quarter of the year, it was forecast to drop back past that, he said.
The Government’s role in feeding these inflationary pressures is a hotly contested political issue, with National arguing the Government’s massive economic stimulus has overcooked the economy.
Robertson has argued that the chief cause of inflation has been supply chain disruption and inflationary pressure coming from overseas, including the fallout from the war in Ukraine.
Reserve Bank Governor Adrian Orr, whose job is to keep inflation stable, weighed into the debate in a speech with the IMF, published this morning.
Orr said that central banks would not be able to achieve their mandates around inflation and maximum sustainable employment on their own.
“We are going to need support,” he said.
That would require clear communication with “fiscal authorities” and “how they could assist around more targeted effective fiscal policies”.
Those remarks promoted National finance spokeswoman Nicola Willis to call for more fiscal restraint from the Government.
“The Finance Minister must heed this warning,” she said.
Grant Robertson should take the comments seriously and “rein in extravagant spending plans”, Willis said.
Robertson told RNZ this morning the inflation rate would likely rise before falling.
He acknowledged it was likely to get higher before falling, as this had been the forecast of many global commentators.
“I expect that it will be rising as it is right around the world,” Robertson said.
“The amount that it rises by is obviously what everyone is debating.”
In the US and UK the inflation rate has now topped 8 per cent.
Ardern is currently in Singapore. Today she announced an expansion to New Zealand’s working holiday visa scheme with Singapore.
She will later travel to Japan where she will make further trade-related announcements.
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