SALT Funds Management
This week’s NZ GDP data incorporated significant upward revisions to history that means the recession has come later and been deeper than previously reported but has left the level of GDP in broadly the same place. That profile, however, does seem to cement in a 50bp cut in the OCR at the RBNZ’s February meeting. This week also saw the Treasury’s latest fiscal update, showing the massive task ahead for the Government in achieving fiscal consolidation while meeting our many fiscal challenges in a weak economy.
14/06/2023
Relief at legislation passing through the US Congress to suspend the debt ceiling for two years belies the bigger issue of US long-term fiscal sustainability. Indeed, many countries are now facing into increasing calls for new spending and/or tax relief while public debt is already on an unsustainable upward trajectory. Even here in New Zealand, where our current debt position is more favourable than many, the challenges are just as great and will require our politicians to make some hard calls sooner rather than later.
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Level 3, Imperial Building, Queen Street, Auckland CBD
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