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New Zealand Budget Summary, 2024-25

31 May 2024

The first Budget of Finance Minister Nicola Willis has foreshadowed a period of severely constrained economic activity and higher unemployment.

Plenty of winners but some losers in ‘back to basics’ Budget.

Key points

  • Unemployment to peak at 5.3%
  • Economy to contract in 2024 before strengthening in 2025
  • Apprentice Boost eligibility narrowed
  • Skills programs cut, infrastructure boosted

The first Budget of Finance Minister Nicola Willis has foreshadowed a period of severely constrained economic activity and higher unemployment.

The outlook suggests there will be difficult times ahead for the rest of 2024, before conditions gradually improve over 2025 and beyond.

The focus on achieving Budget savings has seen cuts to skills and training programs that were introduced by the former government.

Funds are going into areas such as transport, infrastructure and tax cuts, where it is intended that spending will boost economic activity.

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Unless stated otherwise, information was sourced from the Budget 2024 documents, ministerial statements, media releases and portfolio papers: budget.govt.nz/

This is general information only and should not be taken as constituting professional advice from Programmed. Programmed is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Programmed is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided.

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