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New Zealand forecast a budget
deficit of NZ$11.07($7.04 billion) for the fiscal year ending
June 30 2024,
- wider than a deficit of NZ$9.32 billion forecast in
its half-year fiscal update in December.
Treasury inflation forecasts:
- falling below 3% in Q3 this year
- to 2% around 2026
- sees a contraction in GDP in H1 of 2024, return to growth in H2 of this year
NZD/USD is little changed:
Tax relief for Kiwis has contributed to the wider deficit and is a fiscal stimulus for the year ahead. This is not a desired outcome for the Reserve Bank of New Zealand trying to drive inflation down.
This article was originally published by Forexlive.com. Read the original article here.