New Zealand’s Treasury is forecasting a sobering 16 per cent contraction in GDP for its June quarter due to the impact of tough coronavirus lockdown rules.
| By comparison, Australia recorded a seven per cent contraction over the same three-month period. Government debt was forecasted to peak at $200 million or 55 per cent of GDP while unemployment would likely peak at 11 per cent in 2022.
Opposition Leader Judith Collins raised concerns the nation's recession would result in the migration of skilled people to Australia. However, Minister for Finance Grant Robertson said New Zealand’s unemployment figures would likely remain lower than those in Australia, and growth moving forward was likely to be better.
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