Today: Monday, 22 April 2024 year

New Zealand’s spending has increased by 84 percent since 2017, the prime minister said.

New Zealand’s spending has increased by 84 percent since 2017, the prime minister said.

New Zealand’s economy is in a “precarious position” with productivity lagging behind former Eastern Bloc countries and government spending up 84% since 2017, New Zealand Prime Minister Christopher Laxon said in his first address to the nation since taking office.

“I have to be honest with you, New Zealand, and say: the state of the nation is precarious,” the New Zealand National Party quotes the prime minister as saying on its website.

Lacson noted that the country’s government spending has increased by 84% since 2017, and the national debt has risen from five billion New Zealand dollars (three billion US dollars) to a “staggering projection of more than 100 billion New Zealand dollars” (about 60 billion US dollars).

“New Zealand’s economy is now less productive than large areas of the former Eastern Bloc, including Poland, Slovenia, Slovakia and Lithuania… Inflation remains high – the cost of living crisis is not yet over, with inflation higher than Australia, the US, Canada and Japan “, the prime minister added.


Lacson’s government, formed by a coalition of three center-right parties, has vowed to tackle the cost of living crisis by ending wasteful spending and refocusing the central bank solely on price stability.

The government expects that tight fiscal policy will help return inflation to the target level.