New Zealand government clamped down on spending in order to find permanent savings as a deteriorating Chinese economy and failing tax revenue put pressure on fiscal goals.
Finance Minister Grant Robertson said his government plans to save around NZ$4 billion over the forecast period. This money will all be treated as savings and it is not being made available for any other programmes, the minister said in a statement.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.