Behind the scenes and behind the numbers: Budget 2025
We break down Treasury's new forecasts, and delve into some of the new policies announced. Set against a challenging backdrop, Budget 2025 revealed an inevitable downgrade to the economic and fiscal outlook. A return to surplus is still achieved, but you’ll need a magnifying glass to see it. And the weaker reality, simply means more debt and issuance.
Most importantly though, from our view, "the growth" budget still doesn't offer a lot in the way of growth. And reinforces the need for the RBNZ to deliver more stimulus to help the economy out of recession.
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