New Zealand Government Introduces Modest Tax Cuts and Spending Reductions Amid Economic Challenges

New Zealand: The New Zealand government detailed a lackluster economy, rising unemployment, and a worse balance sheet as it provided small tax relief while reducing new spending.

Since its election last October, the centre-right coalition government has confronted a deteriorating economic position, with New Zealand now in a technical recession and domestic inflation remaining persistently high.  

Prime Minister Christopher Luxon's National Party offered financial aid to middle-income New Zealanders struggling with growing living costs, high mortgage rates, and record property rental prices. 

Source: Reuters