New Zealand PM Hipkins says government committed to reducing spending

“This will be an orthodox, no-frills Budget focused on funding the things most important to New Zealanders like support with the cost of living and cyclone recovery,” he said in a speech to the country's Employers and Manufacturers Association. ($1 = 1.6343 New Zealand dollars)

The New Zealand government is committed to reducing spending even though severe weather events earlier this year caused asset damage of roughly NZ$9 billion ($5.51 billion) to NZ$14.5 billion, Prime Minister Chris Hipkins said on Thursday.

Hipkins said the government would not introduce any major new taxes in this year's budget and that the cost of repairs would largely be met by Budget operating and capital allowances. "This will be an orthodox, no-frills Budget focused on funding the things most important to New Zealanders like support with the cost of living and cyclone recovery," he said in a speech to the country's Employers and Manufacturers Association. ($1 = 1.6343 New Zealand dollars)

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